Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 416 · 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 sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner keeps all profit
2. 2.A small business sells 21 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
3. 3.A small business selling fruit cups had a revenue of ₹1250 and a profit of ₹690. What were its costs (in ₹)?
4. 4.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
5. 5.True or false: “owned by shareholders” is true of a company. (a) False (b) True
6. 6.A small business sells 40 painted pebbles at ₹45 each. Its costs are ₹1610. What is its profit (in ₹)?
7. 7.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
9. 9.A small business sells 11 clay diyas at ₹50 each. Its costs are ₹40. What is its profit (in ₹)?
10. 10.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
11. 11.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
12. 12.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
13. 13.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
14. 14.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
15. 15.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
16. 16.A small business sells 32 cupcakes at ₹20 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) one owner runs it (d) simplest to start
18. 18.A small business selling clay diyas had a revenue of ₹2750 and a profit of ₹100. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
20. 20.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
22. 22.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) simplest to start
25. 25.A small business sells 27 glasses of chai at ₹45 each. What is its revenue (in ₹)?
26. 26.True or false: “simplest to start” is true of a company. (a) True (b) False
27. 27.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
28. 28.A small business sells 22 jute bags at ₹5 each. What is its revenue (in ₹)?
29. 29.A small business sells 24 cupcakes at ₹5 each. What is its revenue (in ₹)?
30. 30.True or false: “one owner runs it” is true of a company. (a) True (b) False
31. 31.True or false: “owner owes the debts” is true of a company. (a) False (b) True
32. 32.True or false: “run by directors” is true of a sole trader. (a) False (b) True
33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
34. 34.A small business sells 11 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
35. 35.A small business sells 43 glasses of chai at ₹35 each. What is its revenue (in ₹)?
36. 36.A small business selling glasses of chai had a revenue of ₹50 and a profit of ₹20. What were its costs (in ₹)?
37. 37.A small business selling bags of popcorn had a revenue of ₹120 and a profit of ₹20. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
39. 39.🎂 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
40. 40.A small business selling potted plants had a revenue of ₹455 and a profit of ₹355. What were its costs (in ₹)?

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