Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 54 · 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.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
2. 2.A small business sells 47 painted pebbles at ₹15 each. Its costs are ₹240. What is its profit (in ₹)?
3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
4. 4.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) a separate legal body (d) owners’ risk is limited
5. 5.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
6. 6.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
11. 11.True or false: “run by directors” is true of a sole trader. (a) True (b) False
12. 12.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
13. 13.A small business sells 54 friendship bands at ₹5 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.True or false: “owned by shareholders” is true of a company. (a) True (b) False
16. 16.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) simplest to start (d) owner keeps all profit
17. 17.A small business sells 53 paper bookmarks at ₹5 each. Its costs are ₹250. What is its profit (in ₹)?
18. 18.A small business sells 32 potted plants at ₹35 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
20. 20.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
21. 21.A small business sells 33 cupcakes at ₹5 each. What is its revenue (in ₹)?
22. 22.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
23. 23.True or false: “a separate legal body” is true of a company. (a) False (b) True
24. 24.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
25. 25.A small business sells 55 paper bookmarks at ₹45 each. Its costs are ₹480. What is its profit (in ₹)?
26. 26.A small business sells 16 painted pebbles at ₹20 each. Its costs are ₹290. What is its profit (in ₹)?
27. 27.A small business sells 52 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
29. 29.A small business sells 31 potted plants at ₹25 each. What is its revenue (in ₹)?
30. 30.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner keeps all profit
31. 31.A small business sells 11 potted plants at ₹20 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner owes the debts
33. 33.A small business sells 46 fruit cups at ₹40 each. What is its revenue (in ₹)?
34. 34.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
35. 35.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
36. 36.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
37. 37.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
38. 38.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
39. 39.A small business selling clay diyas had a revenue of ₹430 and a profit of ₹190. What were its costs (in ₹)?
40. 40.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) simplest to start (d) a separate legal body

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