Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 455 · 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) one owner runs it (c) a separate legal body (d) owners’ risk is limited
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) owner owes the debts
3. 3.A small business selling painted pebbles had a revenue of ₹270 and a profit of ₹220. What were its costs (in ₹)?
4. 4.A small business sells 30 friendship bands at ₹25 each. Its costs are ₹220. What is its profit (in ₹)?
5. 5.True or false: “run by directors” is true of a company. (a) True (b) False
6. 6.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
7. 7.A small business sells 10 cupcakes at ₹30 each. Its costs are ₹80. What is its profit (in ₹)?
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) a separate legal body
9. 9.True or false: “owned by shareholders” is true of a company. (a) True (b) False
10. 10.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
12. 12.A small business sells 25 glasses of chai at ₹50 each. Its costs are ₹180. What is its profit (in ₹)?
13. 13.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
14. 14.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
17. 17.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
18. 18.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
19. 19.A small business sells 54 jute bags at ₹25 each. Its costs are ₹430. What is its profit (in ₹)?
20. 20.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) owners’ risk is limited
21. 21.A small business sells 56 painted pebbles at ₹50 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.A small business sells 47 paper bookmarks at ₹50 each. Its costs are ₹1390. What is its profit (in ₹)?
24. 24.A small business selling glasses of chai had a revenue of ₹2080 and a profit of ₹1470. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
26. 26.A small business sells 27 jute bags at ₹5 each. What is its revenue (in ₹)?
27. 27.A small business selling cupcakes had a revenue of ₹700 and a profit of ₹560. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
29. 29.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
30. 30.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) simplest to start
31. 31.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
33. 33.A small business sells 16 fruit cups at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
34. 34.True or false: “simplest to start” is true of a company. (a) True (b) False
35. 35.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
36. 36.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 18 handmade cards at ₹15 each. What is its revenue (in ₹)?
38. 38.A small business sells 34 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
40. 40.True or false: “owner owes the debts” is true of a company. (a) False (b) True

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