Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 493 · 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.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
2. 2.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) one owner runs it
3. 3.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owned by shareholders (d) run by directors
4. 4.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
5. 5.A small business sells 44 fruit cups at ₹30 each. What is its revenue (in ₹)?
6. 6.A small business sells 49 painted pebbles at ₹35 each. Its costs are ₹650. What is its profit (in ₹)?
7. 7.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
8. 8.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
9. 9.A small business sells 29 potted plants at ₹50 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
11. 11.True or false: “run by directors” is true of a company. (a) False (b) True
12. 12.True or false: “owner owes the debts” is true of a company. (a) False (b) True
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.A small business sells 31 cups of lemonade at ₹20 each. Its costs are ₹430. What is its profit (in ₹)?
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) owners’ risk is limited
16. 16.A small business sells 31 handmade cards at ₹25 each. Its costs are ₹450. What is its profit (in ₹)?
17. 17.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
18. 18.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
20. 20.A small business selling painted pebbles had a revenue of ₹165 and a profit of ₹45. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
22. 22.A small business selling friendship bands had a revenue of ₹1155 and a profit of ₹245. What were its costs (in ₹)?
23. 23.A small business sells 29 handmade cards at ₹25 each. What is its revenue (in ₹)?
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
25. 25.A small business selling potted plants had a revenue of ₹575 and a profit of ₹35. What were its costs (in ₹)?
26. 26.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
27. 27.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
28. 28.A small business sells 34 painted pebbles at ₹15 each. What is its revenue (in ₹)?
29. 29.A small business sells 45 bags of popcorn at ₹15 each. Its costs are ₹300. What is its profit (in ₹)?
30. 30.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
31. 31.True or false: “owned by shareholders” is true of a company. (a) True (b) False
32. 32.A small business sells 30 bags of popcorn at ₹50 each. Its costs are ₹1050. What is its profit (in ₹)?
33. 33.A small business sells 45 handmade cards at ₹30 each. Its costs are ₹540. What is its profit (in ₹)?
34. 34.A small business selling clay diyas had a revenue of ₹1000 and a profit of ₹140. What were its costs (in ₹)?
35. 35.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
36. 36.A small business sells 17 friendship bands at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
37. 37.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
38. 38.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
39. 39.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
40. 40.A small business sells 50 fruit cups at ₹45 each. What is its revenue (in ₹)?

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