Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 606 · 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.A small business sells 42 bags of popcorn at ₹5 each. Its costs are ₹170. What is its profit (in ₹)?
2. 2.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
3. 3.A small business sells 22 cupcakes at ₹15 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
5. 5.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) simplest to start (d) owner owes the debts
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
8. 8.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
9. 9.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
10. 10.A small business selling fruit cups had a revenue of ₹500 and a profit of ₹210. What were its costs (in ₹)?
11. 11.True or false: “simplest to start” is true of a company. (a) True (b) False
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.A small business selling clay diyas had a revenue of ₹65 and a profit of ₹15. What were its costs (in ₹)?
15. 15.A small business selling handmade cards had a revenue of ₹285 and a profit of ₹65. What were its costs (in ₹)?
16. 16.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
17. 17.A small business sells 20 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
18. 18.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
19. 19.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
20. 20.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) owner owes the debts
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
23. 23.True or false: “a separate legal body” is true of a company. (a) True (b) False
24. 24.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
25. 25.True or false: “one owner runs it” is true of a company. (a) True (b) False
26. 26.A small business sells 11 painted pebbles at ₹30 each. What is its revenue (in ₹)?
27. 27.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
28. 28.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
29. 29.A small business sells 23 potted plants at ₹5 each. What is its revenue (in ₹)?
30. 30.A small business sells 21 paper bookmarks at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
31. 31.True or false: “owned by shareholders” is true of a company. (a) False (b) True
32. 32.A small business sells 15 handmade cards at ₹40 each. What is its revenue (in ₹)?
33. 33.A small business sells 36 glasses of chai at ₹50 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
35. 35.A small business sells 57 fruit cups at ₹5 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
37. 37.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) owned by shareholders
38. 38.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) owned by shareholders (d) run by directors
39. 39.A small business selling potted plants had a revenue of ₹230 and a profit of ₹140. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company

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