Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 424 · 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.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
2. 2.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
3. 3.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) simplest to start
4. 4.True or false: “owner owes the debts” is true of a company. (a) True (b) False
5. 5.A small business sells 10 painted pebbles at ₹5 each. What is its revenue (in ₹)?
6. 6.🎂 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
7. 7.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
8. 8.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
9. 9.A small business sells 56 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) one owner runs it (d) a separate legal body
11. 11.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
12. 12.A small business sells 38 potted plants at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
13. 13.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) run by directors (d) owners’ risk is limited
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.A small business sells 41 painted pebbles at ₹15 each. Its costs are ₹310. What is its profit (in ₹)?
16. 16.A small business sells 23 fruit cups at ₹10 each. What is its revenue (in ₹)?
17. 17.True or false: “owned by shareholders” is true of a company. (a) True (b) False
18. 18.A small business sells 39 handmade cards at ₹50 each. What is its revenue (in ₹)?
19. 19.A small business selling handmade cards had a revenue of ₹1395 and a profit of ₹655. What were its costs (in ₹)?
20. 20.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
22. 22.A small business sells 22 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
23. 23.A small business sells 13 jute bags at ₹35 each. What is its revenue (in ₹)?
24. 24.A small business sells 49 friendship bands at ₹15 each. Its costs are ₹300. What is its profit (in ₹)?
25. 25.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
27. 27.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
28. 28.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
29. 29.A small business sells 26 paper bookmarks at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
30. 30.True or false: “a separate legal body” is true of a company. (a) True (b) False
31. 31.A small business sells 10 painted pebbles at ₹25 each. What is its revenue (in ₹)?
32. 32.A small business sells 54 fruit cups at ₹30 each. What is its revenue (in ₹)?
33. 33.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
34. 34.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
35. 35.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
36. 36.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
37. 37.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
38. 38.A small business sells 18 potted plants at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
39. 39.A small business sells 23 glasses of chai at ₹30 each. What is its revenue (in ₹)?
40. 40.A small business sells 30 clay diyas at ₹45 each. What is its revenue (in ₹)?

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