Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 453 · 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.True or false: “simplest to start” is true of a company. (a) True (b) False
2. 2.A small business sells 35 fruit cups at ₹45 each. Its costs are ₹1150. What is its profit (in ₹)?
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner owes the debts
4. 4.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owned by shareholders (d) owner keeps all profit
5. 5.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
6. 6.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
7. 7.A small business sells 43 glasses of chai at ₹10 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
11. 11.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) a separate legal body
12. 12.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
13. 13.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
14. 14.A small business selling cups of lemonade had a revenue of ₹630 and a profit of ₹170. What were its costs (in ₹)?
15. 15.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
16. 16.A small business sells 10 handmade cards at ₹45 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owners’ risk is limited (d) simplest to start
18. 18.True or false: “one owner runs it” is true of a company. (a) False (b) True
19. 19.A small business sells 59 cupcakes at ₹50 each. Its costs are ₹1010. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
21. 21.True or false: “owned by shareholders” is true of a company. (a) False (b) True
22. 22.A small business sells 43 cupcakes at ₹40 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owners’ risk is limited
24. 24.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
25. 25.A small business selling handmade cards had a revenue of ₹420 and a profit of ₹320. What were its costs (in ₹)?
26. 26.A small business sells 53 cups of lemonade at ₹25 each. Its costs are ₹600. What is its profit (in ₹)?
27. 27.A small business sells 44 fruit cups at ₹25 each. Its costs are ₹270. What is its profit (in ₹)?
28. 28.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
29. 29.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
30. 30.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
31. 31.True or false: “owner owes the debts” is true of a company. (a) True (b) False
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
33. 33.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
34. 34.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
35. 35.A small business sells 28 painted pebbles at ₹5 each. What is its revenue (in ₹)?
36. 36.A small business sells 13 clay diyas at ₹35 each. Its costs are ₹280. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
38. 38.A small business sells 53 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) run by directors
40. 40.📜 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

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