Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 45 · 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) run by directors (b) owner owes the debts (c) a separate legal body (d) owners’ risk is limited
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
4. 4.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
5. 5.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
6. 6.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner keeps all profit (d) simplest to start
7. 7.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
8. 8.A small business selling handmade cards had a revenue of ₹1890 and a profit of ₹1020. What were its costs (in ₹)?
9. 9.A small business sells 36 clay diyas at ₹50 each. What is its revenue (in ₹)?
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
12. 12.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
13. 13.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
14. 14.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
15. 15.A small business sells 54 jute bags at ₹30 each. Its costs are ₹520. What is its profit (in ₹)?
16. 16.A small business sells 29 painted pebbles at ₹10 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
18. 18.True or false: “simplest to start” is true of a company. (a) False (b) True
19. 19.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
20. 20.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
21. 21.A small business sells 58 potted plants at ₹35 each. Its costs are ₹1500. What is its profit (in ₹)?
22. 22.A small business sells 60 fruit cups at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
23. 23.A small business selling handmade cards had a revenue of ₹520 and a profit of ₹10. What were its costs (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) one owner runs it (d) a separate legal body
25. 25.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
26. 26.A small business selling paper bookmarks had a revenue of ₹2250 and a profit of ₹1850. What were its costs (in ₹)?
27. 27.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
28. 28.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
29. 29.A small business selling cupcakes had a revenue of ₹1050 and a profit of ₹200. What were its costs (in ₹)?
30. 30.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
31. 31.A small business sells 35 handmade cards at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
32. 32.A small business selling bags of popcorn had a revenue of ₹150 and a profit of ₹70. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
34. 34.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
35. 35.A small business selling handmade cards had a revenue of ₹1350 and a profit of ₹680. What were its costs (in ₹)?
36. 36.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
37. 37.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
38. 38.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
39. 39.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
40. 40.A small business sells 59 cupcakes at ₹25 each. Its costs are ₹510. What is its profit (in ₹)?

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