Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 483 · 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 44 cups of lemonade at ₹15 each. Its costs are ₹490. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
3. 3.A small business sells 11 painted pebbles at ₹25 each. Its costs are ₹60. What is its profit (in ₹)?
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
5. 5.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
6. 6.True or false: “owned by shareholders” is true of a company. (a) True (b) False
7. 7.A small business sells 47 paper bookmarks at ₹30 each. Its costs are ₹720. What is its profit (in ₹)?
8. 8.A small business selling bags of popcorn had a revenue of ₹1100 and a profit of ₹380. What were its costs (in ₹)?
9. 9.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
10. 10.True or false: “one owner runs it” is true of a company. (a) True (b) False
11. 11.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) owners’ risk is limited
12. 12.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
13. 13.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
14. 14.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
15. 15.A small business sells 35 painted pebbles at ₹50 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
17. 17.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
18. 18.A small business sells 23 clay diyas at ₹50 each. What is its revenue (in ₹)?
19. 19.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
20. 20.A small business sells 60 cupcakes at ₹50 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) run by directors
22. 22.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
23. 23.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
24. 24.True or false: “simplest to start” is true of a company. (a) False (b) True
25. 25.A small business sells 13 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
27. 27.A small business sells 56 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
28. 28.A small business sells 27 friendship bands at ₹35 each. What is its revenue (in ₹)?
29. 29.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
30. 30.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) simplest to start
31. 31.True or false: “owner owes the debts” is true of a company. (a) True (b) False
32. 32.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) owner keeps all profit
33. 33.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
34. 34.A small business selling paper bookmarks had a revenue of ₹1680 and a profit of ₹1270. What were its costs (in ₹)?
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
37. 37.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
38. 38.A small business sells 19 cupcakes at ₹15 each. What is its revenue (in ₹)?
39. 39.A small business sells 20 jute bags at ₹15 each. Its costs are ₹150. What is its profit (in ₹)?
40. 40.True or false: “run by directors” is true of a sole trader. (a) True (b) False

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