Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 43 · 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.A small business sells 44 cups of lemonade at ₹35 each. Its costs are ₹1350. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
4. 4.True or false: “owner owes the debts” is true of a company. (a) True (b) False
5. 5.A small business sells 35 paper bookmarks at ₹15 each. Its costs are ₹240. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
7. 7.A small business sells 32 clay diyas at ₹35 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
10. 10.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
11. 11.True or false: “a separate legal body” is true of a company. (a) True (b) False
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) one owner runs it
13. 13.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
14. 14.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
15. 15.A small business sells 35 handmade cards at ₹25 each. What is its revenue (in ₹)?
16. 16.A small business sells 50 handmade cards at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
17. 17.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
18. 18.A small business sells 52 glasses of chai at ₹10 each. What is its revenue (in ₹)?
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
20. 20.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owners’ risk is limited (d) run by directors
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
22. 22.A small business selling clay diyas had a revenue of ₹405 and a profit of ₹165. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
24. 24.A small business sells 10 bags of popcorn at ₹25 each. Its costs are ₹30. What is its profit (in ₹)?
25. 25.A small business sells 13 bags of popcorn at ₹15 each. Its costs are ₹140. What is its profit (in ₹)?
26. 26.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) a separate legal body (d) owner keeps all profit
27. 27.True or false: “run by directors” is true of a company. (a) True (b) False
28. 28.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
29. 29.True or false: “one owner runs it” is true of a company. (a) True (b) False
30. 30.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
31. 31.A small business sells 45 clay diyas at ₹35 each. What is its revenue (in ₹)?
32. 32.A small business selling handmade cards had a revenue of ₹450 and a profit of ₹400. What were its costs (in ₹)?
33. 33.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
35. 35.A small business sells 18 glasses of chai at ₹30 each. What is its revenue (in ₹)?
36. 36.A small business selling handmade cards had a revenue of ₹1950 and a profit of ₹1470. What were its costs (in ₹)?
37. 37.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
38. 38.True or false: “simplest to start” is true of a company. (a) False (b) True
39. 39.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) a separate legal body (d) owners’ risk is limited
40. 40.A small business sells 16 jute bags at ₹15 each. What is its revenue (in ₹)?

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