Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 368 · 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.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
2. 2.A small business sells 33 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
3. 3.True or false: “owned by shareholders” is true of a company. (a) False (b) True
4. 4.A small business sells 49 painted pebbles at ₹10 each. Its costs are ₹300. What is its profit (in ₹)?
5. 5.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
6. 6.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owners’ risk is limited
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
10. 10.A small business sells 57 painted pebbles at ₹10 each. What is its revenue (in ₹)?
11. 11.A small business selling clay diyas had a revenue of ₹340 and a profit of ₹80. What were its costs (in ₹)?
12. 12.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
13. 13.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
14. 14.A small business selling paper bookmarks had a revenue of ₹760 and a profit of ₹610. What were its costs (in ₹)?
15. 15.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) a separate legal body
17. 17.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
18. 18.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
19. 19.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
20. 20.A small business sells 40 friendship bands at ₹45 each. Its costs are ₹30. What is its profit (in ₹)?
21. 21.A small business sells 10 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
22. 22.A small business selling glasses of chai had a revenue of ₹350 and a profit of ₹50. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
24. 24.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
25. 25.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
26. 26.A small business selling handmade cards had a revenue of ₹570 and a profit of ₹150. What were its costs (in ₹)?
27. 27.A small business selling cupcakes had a revenue of ₹75 and a profit of ₹65. What were its costs (in ₹)?
28. 28.A small business sells 34 clay diyas at ₹45 each. Its costs are ₹50. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
30. 30.A small business sells 51 clay diyas at ₹5 each. Its costs are ₹160. What is its profit (in ₹)?
31. 31.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
32. 32.A small business selling bags of popcorn had a revenue of ₹50 and a profit of ₹30. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
35. 35.True or false: “run by directors” is true of a company. (a) False (b) True
36. 36.A small business sells 35 glasses of chai at ₹20 each. What is its revenue (in ₹)?
37. 37.True or false: “run by directors” is true of a sole trader. (a) True (b) False
38. 38.True or false: “one owner runs it” is true of a company. (a) True (b) False
39. 39.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
40. 40.A small business sells 51 clay diyas at ₹50 each. Its costs are ₹2150. What is its profit (in ₹)?

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