Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 482 · 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.A small business sells 10 friendship bands at ₹40 each. Its costs are ₹50. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) a separate legal body
5. 5.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
7. 7.A small business sells 46 fruit cups at ₹50 each. What is its revenue (in ₹)?
8. 8.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
9. 9.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
10. 10.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) owned by shareholders
11. 11.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
12. 12.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
13. 13.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
14. 14.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
15. 15.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
16. 16.A small business sells 53 potted plants at ₹25 each. Its costs are ₹440. What is its profit (in ₹)?
17. 17.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
18. 18.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) simplest to start (d) one owner runs it
19. 19.A small business sells 11 friendship bands at ₹5 each. What is its revenue (in ₹)?
20. 20.A small business sells 57 fruit cups at ₹15 each. What is its revenue (in ₹)?
21. 21.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
22. 22.A small business selling clay diyas had a revenue of ₹2950 and a profit of ₹2360. What were its costs (in ₹)?
23. 23.A small business sells 35 potted plants at ₹50 each. What is its revenue (in ₹)?
24. 24.A small business sells 42 handmade cards at ₹15 each. What is its revenue (in ₹)?
25. 25.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it
26. 26.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
27. 27.A small business selling jute bags had a revenue of ₹145 and a profit of ₹65. What were its costs (in ₹)?
28. 28.True or false: “a separate legal body” is true of a company. (a) False (b) True
29. 29.A small business sells 31 jute bags at ₹10 each. Its costs are ₹120. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
31. 31.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
32. 32.A small business sells 17 painted pebbles at ₹35 each. What is its revenue (in ₹)?
33. 33.A small business sells 46 handmade cards at ₹30 each. Its costs are ₹1230. What is its profit (in ₹)?
34. 34.A small business selling cups of lemonade had a revenue of ₹1120 and a profit of ₹580. What were its costs (in ₹)?
35. 35.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) one owner runs it
36. 36.A small business selling bags of popcorn had a revenue of ₹1350 and a profit of ₹1170. What were its costs (in ₹)?
37. 37.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) a separate legal body
38. 38.A small business sells 51 fruit cups at ₹45 each. Its costs are ₹490. What is its profit (in ₹)?
39. 39.A small business sells 39 fruit cups at ₹10 each. What is its revenue (in ₹)?
40. 40.A small business sells 57 painted pebbles at ₹20 each. What is its revenue (in ₹)?

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