Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 419 · 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 28 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
2. 2.A small business sells 27 bags of popcorn at ₹40 each. Its costs are ₹280. What is its profit (in ₹)?
3. 3.A small business sells 22 handmade cards at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
4. 4.True or false: “one owner runs it” is true of a company. (a) True (b) False
5. 5.A small business sells 47 jute bags at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
6. 6.A small business sells 38 fruit cups at ₹5 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
8. 8.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) a separate legal body
9. 9.True or false: “owned by shareholders” is true of a company. (a) True (b) False
10. 10.A small business sells 51 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
11. 11.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
12. 12.A small business selling handmade cards had a revenue of ₹675 and a profit of ₹405. What were its costs (in ₹)?
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) a separate legal body
17. 17.A small business sells 41 paper bookmarks at ₹35 each. Its costs are ₹370. What is its profit (in ₹)?
18. 18.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) owner owes the debts
19. 19.A small business sells 32 bags of popcorn at ₹35 each. Its costs are ₹210. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
21. 21.True or false: “owner owes the debts” is true of a company. (a) False (b) True
22. 22.A small business sells 34 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
23. 23.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
24. 24.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
25. 25.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
27. 27.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
28. 28.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
29. 29.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
31. 31.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
32. 32.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
33. 33.A small business selling friendship bands had a revenue of ₹560 and a profit of ₹320. What were its costs (in ₹)?
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
35. 35.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
36. 36.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
37. 37.True or false: “a separate legal body” is true of a company. (a) True (b) False
38. 38.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
39. 39.A small business sells 18 potted plants at ₹15 each. What is its revenue (in ₹)?
40. 40.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body

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