Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 580 · 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: “one owner runs it” is true of a company. (a) True (b) False
2. 2.A small business sells 13 friendship bands at ₹25 each. Its costs are ₹20. What is its profit (in ₹)?
3. 3.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
5. 5.True or false: “a separate legal body” is true of a company. (a) True (b) False
6. 6.True or false: “run by directors” is true of a sole trader. (a) True (b) False
7. 7.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
8. 8.A small business selling clay diyas had a revenue of ₹480 and a profit of ₹300. What were its costs (in ₹)?
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
10. 10.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owned by shareholders
11. 11.A small business sells 25 fruit cups at ₹45 each. Its costs are ₹940. What is its profit (in ₹)?
12. 12.A small business sells 45 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
13. 13.A small business sells 48 handmade cards at ₹30 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
15. 15.A small business sells 53 jute bags at ₹15 each. Its costs are ₹460. What is its profit (in ₹)?
16. 16.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
17. 17.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner owes the debts (d) owner keeps all profit
18. 18.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) simplest to start
20. 20.A small business selling friendship bands had a revenue of ₹2610 and a profit of ₹140. What were its costs (in ₹)?
21. 21.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
22. 22.A small business sells 23 painted pebbles at ₹35 each. Its costs are ₹680. What is its profit (in ₹)?
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
25. 25.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
26. 26.A small business selling glasses of chai had a revenue of ₹1800 and a profit of ₹60. What were its costs (in ₹)?
27. 27.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
28. 28.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
29. 29.A small business sells 58 cupcakes at ₹15 each. Its costs are ₹200. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.A small business sells 33 jute bags at ₹35 each. What is its revenue (in ₹)?
32. 32.A small business sells 23 painted pebbles at ₹45 each. What is its revenue (in ₹)?
33. 33.A small business sells 37 glasses of chai at ₹40 each. What is its revenue (in ₹)?
34. 34.True or false: “owner owes the debts” is true of a company. (a) True (b) False
35. 35.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) owners’ risk is limited
36. 36.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
37. 37.A small business selling potted plants had a revenue of ₹640 and a profit of ₹30. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
39. 39.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
40. 40.A small business selling handmade cards had a revenue of ₹285 and a profit of ₹145. What were its costs (in ₹)?

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