Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 412 · 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 16 potted plants at ₹10 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner keeps all profit
3. 3.A small business sells 25 jute bags at ₹30 each. What is its revenue (in ₹)?
4. 4.A small business sells 18 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
6. 6.A small business selling handmade cards had a revenue of ₹2900 and a profit of ₹2530. What were its costs (in ₹)?
7. 7.True or false: “a separate legal body” is true of a company. (a) False (b) True
8. 8.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
9. 9.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
10. 10.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) one owner runs it (d) owner keeps all profit
11. 11.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
12. 12.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
13. 13.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
15. 15.A small business sells 58 cupcakes at ₹35 each. Its costs are ₹690. What is its profit (in ₹)?
16. 16.A small business sells 49 painted pebbles at ₹30 each. Its costs are ₹530. What is its profit (in ₹)?
17. 17.True or false: “owned by shareholders” is true of a company. (a) True (b) False
18. 18.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
19. 19.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
20. 20.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
21. 21.A small business selling glasses of chai had a revenue of ₹560 and a profit of ₹170. What were its costs (in ₹)?
22. 22.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) owners’ risk is limited
23. 23.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
24. 24.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
25. 25.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
26. 26.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
29. 29.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
30. 30.A small business sells 20 potted plants at ₹40 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
32. 32.A small business selling friendship bands had a revenue of ₹700 and a profit of ₹670. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
34. 34.A small business selling glasses of chai had a revenue of ₹540 and a profit of ₹210. What were its costs (in ₹)?
35. 35.A small business sells 12 cups of lemonade at ₹40 each. Its costs are ₹50. What is its profit (in ₹)?
36. 36.True or false: “owner owes the debts” is true of a company. (a) False (b) True
37. 37.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
38. 38.A small business sells 33 jute bags at ₹20 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
40. 40.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner owes the debts (d) a separate legal body

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