Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 578 · 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.True or false: “a separate legal body” is true of a company. (a) True (b) False
2. 2.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
3. 3.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
4. 4.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
5. 5.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
6. 6.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
7. 7.A small business sells 60 painted pebbles at ₹30 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
9. 9.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
10. 10.A small business sells 10 painted pebbles at ₹50 each. Its costs are ₹130. What is its profit (in ₹)?
11. 11.📜 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
12. 12.A small business sells 19 potted plants at ₹5 each. What is its revenue (in ₹)?
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
14. 14.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) a separate legal body (d) owners’ risk is limited
16. 16.A small business sells 24 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
17. 17.A small business sells 43 clay diyas at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
18. 18.A small business selling cups of lemonade had a revenue of ₹135 and a profit of ₹35. What were its costs (in ₹)?
19. 19.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
20. 20.A small business sells 36 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
21. 21.True or false: “owner owes the debts” is true of a company. (a) True (b) False
22. 22.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
23. 23.A small business selling glasses of chai had a revenue of ₹360 and a profit of ₹340. What were its costs (in ₹)?
24. 24.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
25. 25.A small business sells 18 painted pebbles at ₹25 each. What is its revenue (in ₹)?
26. 26.A small business sells 19 potted plants at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
27. 27.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) simplest to start (d) owner keeps all profit
28. 28.True or false: “one owner runs it” is true of a company. (a) True (b) False
29. 29.A small business sells 48 handmade cards at ₹10 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
31. 31.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
32. 32.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
33. 33.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
34. 34.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
35. 35.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
36. 36.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
37. 37.A small business sells 21 glasses of chai at ₹50 each. What is its revenue (in ₹)?
38. 38.True or false: “run by directors” is true of a company. (a) False (b) True
39. 39.A small business selling clay diyas had a revenue of ₹2100 and a profit of ₹1930. What were its costs (in ₹)?
40. 40.A small business sells 51 glasses of chai at ₹40 each. What is its revenue (in ₹)?

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