Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 366 · 40 questions

Business tip (Revenue in, profit left): Sole trader: one owner, keeps all the profit, owes the debts, simplest to start. Company: a separate legal body, owned by shareholders, run by directors, owners’ risk limited. Revenue = price × number sold. Profit = revenue − costs, so costs = revenue − profit. Teens run a business with adult help; tax and legal questions go to an adult or an expert.

1. 1.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.True or false: “a separate legal body” is true of a company. (a) False (b) True
4. 4.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
5. 5.A small business sells 18 glasses of chai at ₹45 each. Its costs are ₹550. What is its profit (in ₹)?
6. 6.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
7. 7.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
8. 8.A small business sells 32 handmade cards at ₹10 each. Its costs are ₹310. What is its profit (in ₹)?
9. 9.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
10. 10.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
12. 12.A small business sells 16 glasses of chai at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
13. 13.A small business sells 14 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
14. 14.A small business sells 23 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
15. 15.A small business sells 31 painted pebbles at ₹50 each. What is its revenue (in ₹)?
16. 16.A small business selling friendship bands had a revenue of ₹530 and a profit of ₹400. What were its costs (in ₹)?
17. 17.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
18. 18.A small business selling jute bags had a revenue of ₹2565 and a profit of ₹2215. What were its costs (in ₹)?
19. 19.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) owner owes the debts
21. 21.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
22. 22.True or false: “run by directors” is true of a sole trader. (a) True (b) False
23. 23.True or false: “one owner runs it” is true of a company. (a) True (b) False
24. 24.A small business sells 52 friendship bands at ₹30 each. What is its revenue (in ₹)?
25. 25.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
26. 26.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) a separate legal body
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.A small business sells 28 fruit cups at ₹10 each. What is its revenue (in ₹)?
29. 29.A small business selling paper bookmarks had a revenue of ₹330 and a profit of ₹140. What were its costs (in ₹)?
30. 30.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) simplest to start
31. 31.A small business selling cupcakes had a revenue of ₹910 and a profit of ₹710. What were its costs (in ₹)?
32. 32.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
33. 33.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
34. 34.True or false: “simplest to start” is true of a company. (a) False (b) True
35. 35.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
36. 36.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
37. 37.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
38. 38.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
39. 39.A small business sells 36 clay diyas at ₹45 each. What is its revenue (in ₹)?
40. 40.A small business sells 48 clay diyas at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?

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