Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 505 · 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.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) a separate legal body
3. 3.A small business selling jute bags had a revenue of ₹280 and a profit of ₹230. What were its costs (in ₹)?
4. 4.True or false: “owner owes the debts” is true of a company. (a) True (b) False
5. 5.📊 Revenue or profit: goes up if costs fall? (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 51 jute bags at ₹5 each. What is its revenue (in ₹)?
8. 8.A small business sells 22 cups of lemonade at ₹20 each. Its costs are ₹100. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
11. 11.A small business sells 22 painted pebbles at ₹35 each. Its costs are ₹40. What is its profit (in ₹)?
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
13. 13.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
14. 14.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
15. 15.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
16. 16.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
17. 17.A small business selling cupcakes had a revenue of ₹1590 and a profit of ₹70. What were its costs (in ₹)?
18. 18.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
19. 19.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
20. 20.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
21. 21.A small business selling painted pebbles had a revenue of ₹1680 and a profit of ₹20. What were its costs (in ₹)?
22. 22.A small business selling jute bags had a revenue of ₹990 and a profit of ₹730. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
24. 24.A small business sells 19 paper bookmarks at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
25. 25.True or false: “simplest to start” is true of a company. (a) True (b) False
26. 26.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
27. 27.A small business selling paper bookmarks had a revenue of ₹510 and a profit of ₹310. What were its costs (in ₹)?
28. 28.A small business sells 17 handmade cards at ₹35 each. Its costs are ₹310. What is its profit (in ₹)?
29. 29.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
30. 30.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
31. 31.A small business sells 40 cupcakes at ₹45 each. What is its revenue (in ₹)?
32. 32.A small business sells 20 glasses of chai at ₹45 each. What is its revenue (in ₹)?
33. 33.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
34. 34.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
35. 35.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
36. 36.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
37. 37.A small business selling friendship bands had a revenue of ₹1620 and a profit of ₹1350. What were its costs (in ₹)?
38. 38.A small business sells 48 clay diyas at ₹5 each. Its costs are ₹160. What is its profit (in ₹)?
39. 39.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) owner keeps all profit
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True

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