Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 489 · 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.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
2. 2.A small business sells 23 bags of popcorn at ₹40 each. Its costs are ₹760. What is its profit (in ₹)?
3. 3.A small business sells 12 potted plants at ₹50 each. Its costs are ₹590. What is its profit (in ₹)?
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
5. 5.True or false: “owned by shareholders” is true of a company. (a) False (b) True
6. 6.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
7. 7.A small business sells 15 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
9. 9.A small business sells 41 handmade cards at ₹20 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
11. 11.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) owner owes the debts
12. 12.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) one owner runs it
13. 13.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) simplest to start
14. 14.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
15. 15.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
16. 16.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
17. 17.A small business sells 26 handmade cards at ₹40 each. What is its revenue (in ₹)?
18. 18.True or false: “run by directors” is true of a company. (a) False (b) True
19. 19.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) run by directors
20. 20.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
21. 21.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
22. 22.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
23. 23.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
25. 25.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
26. 26.A small business sells 22 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
27. 27.A small business sells 20 painted pebbles at ₹15 each. Its costs are ₹270. What is its profit (in ₹)?
28. 28.A small business sells 20 painted pebbles at ₹45 each. What is its revenue (in ₹)?
29. 29.A small business selling paper bookmarks had a revenue of ₹185 and a profit of ₹155. What were its costs (in ₹)?
30. 30.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owned by shareholders
31. 31.A small business selling handmade cards had a revenue of ₹150 and a profit of ₹30. What were its costs (in ₹)?
32. 32.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owned by shareholders
33. 33.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
34. 34.A small business sells 25 cups of lemonade at ₹25 each. Its costs are ₹160. What is its profit (in ₹)?
35. 35.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
36. 36.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
38. 38.A small business sells 53 fruit cups at ₹5 each. What is its revenue (in ₹)?
39. 39.A small business selling paper bookmarks had a revenue of ₹1640 and a profit of ₹910. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company

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