Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 373 · 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 small business sells 51 paper bookmarks at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
2. 2.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
3. 3.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
4. 4.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
6. 6.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
8. 8.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
9. 9.True or false: “run by directors” is true of a sole trader. (a) False (b) True
10. 10.A small business sells 55 painted pebbles at ₹50 each. Its costs are ₹790. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
12. 12.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
13. 13.A small business sells 29 glasses of chai at ₹50 each. Its costs are ₹380. What is its profit (in ₹)?
14. 14.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) simplest to start
15. 15.True or false: “simplest to start” is true of a company. (a) True (b) False
16. 16.A small business selling cups of lemonade had a revenue of ₹570 and a profit of ₹410. What were its costs (in ₹)?
17. 17.True or false: “owned by shareholders” is true of a company. (a) False (b) True
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) run by directors
19. 19.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
20. 20.A small business sells 17 cups of lemonade at ₹20 each. Its costs are ₹60. What is its profit (in ₹)?
21. 21.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) owners’ risk is limited
23. 23.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) simplest to start (d) one owner runs it
24. 24.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
25. 25.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
26. 26.A small business sells 31 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
27. 27.A small business sells 49 glasses of chai at ₹35 each. Its costs are ₹750. What is its profit (in ₹)?
28. 28.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
29. 29.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
30. 30.A small business sells 13 clay diyas at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
31. 31.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
32. 32.A small business sells 45 bags of popcorn at ₹10 each. Its costs are ₹220. What is its profit (in ₹)?
33. 33.A small business sells 59 handmade cards at ₹15 each. Its costs are ₹590. What is its profit (in ₹)?
34. 34.A small business selling painted pebbles had a revenue of ₹400 and a profit of ₹230. What were its costs (in ₹)?
35. 35.A small business sells 50 cupcakes at ₹40 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
38. 38.A small business sells 30 cupcakes at ₹15 each. Its costs are ₹320. What is its profit (in ₹)?
39. 39.A small business selling fruit cups had a revenue of ₹1485 and a profit of ₹545. What were its costs (in ₹)?
40. 40.A small business sells 24 paper bookmarks at ₹35 each. What is its revenue (in ₹)?

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