Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 541 · 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 sole trader? (a) owners’ risk is limited (b) a separate legal body (c) one owner runs it (d) run by directors
2. 2.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
4. 4.A small business sells 12 fruit cups at ₹20 each. Its costs are ₹100. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
6. 6.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
7. 7.A small business sells 13 bags of popcorn at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
8. 8.A small business sells 13 friendship bands at ₹35 each. What is its revenue (in ₹)?
9. 9.A small business sells 60 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
10. 10.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
11. 11.A small business sells 41 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
12. 12.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
13. 13.A small business sells 55 clay diyas at ₹10 each. What is its revenue (in ₹)?
14. 14.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
15. 15.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
16. 16.A small business selling cups of lemonade had a revenue of ₹960 and a profit of ₹540. What were its costs (in ₹)?
17. 17.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
18. 18.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) simplest to start (d) owner owes the debts
19. 19.A small business selling cups of lemonade had a revenue of ₹660 and a profit of ₹100. What were its costs (in ₹)?
20. 20.A small business selling glasses of chai had a revenue of ₹595 and a profit of ₹105. What were its costs (in ₹)?
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
22. 22.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
23. 23.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
24. 24.A small business sells 44 clay diyas at ₹50 each. Its costs are ₹630. What is its profit (in ₹)?
25. 25.A small business sells 12 fruit cups at ₹25 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
27. 27.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner keeps all profit
28. 28.A small business sells 15 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner owes the debts
30. 30.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
31. 31.A small business selling jute bags had a revenue of ₹1160 and a profit of ₹90. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
33. 33.A small business selling potted plants had a revenue of ₹1350 and a profit of ₹1280. What were its costs (in ₹)?
34. 34.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
35. 35.A small business sells 23 friendship bands at ₹40 each. Its costs are ₹700. What is its profit (in ₹)?
36. 36.True or false: “owner owes the debts” is true of a company. (a) True (b) False
37. 37.A small business sells 49 painted pebbles at ₹45 each. What is its revenue (in ₹)?
38. 38.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
39. 39.A small business sells 46 cupcakes at ₹40 each. What is its revenue (in ₹)?
40. 40.A small business selling painted pebbles had a revenue of ₹245 and a profit of ₹95. What were its costs (in ₹)?

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