Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 603 · 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: “run by directors” is true of a company. (a) True (b) False
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
4. 4.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
5. 5.A small business sells 24 handmade cards at ₹30 each. What is its revenue (in ₹)?
6. 6.True or false: “simplest to start” is true of a company. (a) True (b) False
7. 7.A small business sells 29 glasses of chai at ₹35 each. Its costs are ₹790. What is its profit (in ₹)?
8. 8.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
9. 9.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
10. 10.A small business sells 26 paper bookmarks at ₹15 each. Its costs are ₹300. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
12. 12.A small business sells 49 jute bags at ₹5 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
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) a separate legal body
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) one owner runs it
17. 17.A small business sells 19 fruit cups at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
18. 18.True or false: “one owner runs it” is true of a company. (a) False (b) True
19. 19.A small business sells 17 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
20. 20.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
22. 22.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
23. 23.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
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.A small business sells 15 glasses of chai at ₹30 each. Its costs are ₹350. What is its profit (in ₹)?
26. 26.A small business selling clay diyas had a revenue of ₹1280 and a profit of ₹1030. What were its costs (in ₹)?
27. 27.A small business sells 23 friendship bands at ₹40 each. What is its revenue (in ₹)?
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
29. 29.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
30. 30.A small business sells 19 clay diyas at ₹50 each. Its costs are ₹440. What is its profit (in ₹)?
31. 31.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
32. 32.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
33. 33.A small business sells 41 painted pebbles at ₹5 each. What is its revenue (in ₹)?
34. 34.A small business sells 13 friendship bands at ₹20 each. Its costs are ₹110. What is its profit (in ₹)?
35. 35.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
36. 36.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
37. 37.A small business selling handmade cards had a revenue of ₹225 and a profit of ₹145. What were its costs (in ₹)?
38. 38.A small business sells 40 cups of lemonade at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
39. 39.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
40. 40.A small business selling jute bags had a revenue of ₹675 and a profit of ₹635. What were its costs (in ₹)?

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