Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 609 · 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 company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
2. 2.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
3. 3.A small business sells 57 jute bags at ₹5 each. Its costs are ₹270. What is its profit (in ₹)?
4. 4.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
5. 5.A small business sells 44 clay diyas at ₹35 each. What is its revenue (in ₹)?
6. 6.A small business sells 13 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
7. 7.A small business sells 23 jute bags at ₹30 each. What is its revenue (in ₹)?
8. 8.A small business sells 51 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
9. 9.A small business sells 22 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
10. 10.A small business sells 57 jute bags at ₹10 each. Its costs are ₹400. What is its profit (in ₹)?
11. 11.A small business sells 21 handmade cards at ₹20 each. What is its revenue (in ₹)?
12. 12.True or false: “owned by shareholders” is true of a company. (a) False (b) True
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
14. 14.A small business sells 28 fruit cups at ₹15 each. What is its revenue (in ₹)?
15. 15.A small business sells 10 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
16. 16.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
17. 17.A small business sells 47 clay diyas at ₹20 each. What is its revenue (in ₹)?
18. 18.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
19. 19.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner owes the debts (d) simplest to start
20. 20.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.True or false: “run by directors” is true of a sole trader. (a) False (b) True
24. 24.A small business sells 21 glasses of chai at ₹40 each. Its costs are ₹670. What is its profit (in ₹)?
25. 25.True or false: “owner owes the debts” is true of a company. (a) True (b) False
26. 26.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 19 friendship bands at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
28. 28.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
29. 29.A small business sells 21 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
32. 32.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
33. 33.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
34. 34.A small business sells 36 potted plants at ₹35 each. What is its revenue (in ₹)?
35. 35.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) one owner runs it (d) owner keeps all profit
36. 36.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) run by directors
37. 37.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner owes the debts (d) simplest to start
38. 38.A small business sells 60 handmade cards at ₹20 each. What is its revenue (in ₹)?
39. 39.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
40. 40.True or false: “run by directors” is true of a company. (a) False (b) True

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