Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 39 · 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.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
2. 2.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner owes the debts
4. 4.A small business sells 13 potted plants at ₹50 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
6. 6.A small business sells 45 jute bags at ₹35 each. Its costs are ₹1000. What is its profit (in ₹)?
7. 7.A small business sells 28 painted pebbles at ₹25 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) owner owes the debts
9. 9.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) simplest to start (d) one owner runs it
10. 10.A small business sells 10 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
11. 11.A small business sells 48 jute bags at ₹15 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
13. 13.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
15. 15.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
16. 16.A small business sells 25 cups of lemonade at ₹35 each. Its costs are ₹20. What is its profit (in ₹)?
17. 17.A small business sells 18 paper bookmarks at ₹35 each. Its costs are ₹250. What is its profit (in ₹)?
18. 18.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
19. 19.True or false: “one owner runs it” is true of a company. (a) True (b) False
20. 20.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
21. 21.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
22. 22.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
23. 23.A small business selling painted pebbles had a revenue of ₹195 and a profit of ₹55. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
25. 25.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
26. 26.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
27. 27.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
28. 28.A small business sells 45 cupcakes at ₹5 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
30. 30.A small business sells 24 cupcakes at ₹5 each. What is its revenue (in ₹)?
31. 31.A small business sells 16 friendship bands at ₹10 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner keeps all profit
33. 33.A small business selling cupcakes had a revenue of ₹320 and a profit of ₹240. What were its costs (in ₹)?
34. 34.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
35. 35.A small business sells 11 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
37. 37.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
38. 38.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
39. 39.A small business selling painted pebbles had a revenue of ₹700 and a profit of ₹440. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader

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