Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 619 · 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.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
2. 2.A small business selling glasses of chai had a revenue of ₹780 and a profit of ₹280. What were its costs (in ₹)?
3. 3.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) simplest to start
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.🎂 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
7. 7.A small business sells 46 handmade cards at ₹45 each. What is its revenue (in ₹)?
8. 8.True or false: “run by directors” is true of a company. (a) False (b) True
9. 9.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
10. 10.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
13. 13.A small business selling handmade cards had a revenue of ₹170 and a profit of ₹120. What were its costs (in ₹)?
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) one owner runs it (d) simplest to start
17. 17.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
19. 19.True or false: “owned by shareholders” is true of a company. (a) False (b) True
20. 20.A small business sells 19 glasses of chai at ₹10 each. What is its revenue (in ₹)?
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
22. 22.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
23. 23.A small business selling potted plants had a revenue of ₹540 and a profit of ₹170. What were its costs (in ₹)?
24. 24.A small business sells 17 potted plants at ₹5 each. What is its revenue (in ₹)?
25. 25.A small business selling clay diyas had a revenue of ₹1440 and a profit of ₹1380. What were its costs (in ₹)?
26. 26.A small business sells 14 glasses of chai at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
27. 27.A small business selling painted pebbles had a revenue of ₹450 and a profit of ₹280. What were its costs (in ₹)?
28. 28.True or false: “simplest to start” is true of a company. (a) False (b) True
29. 29.A small business sells 17 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
30. 30.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner owes the debts (d) owners’ risk is limited
31. 31.A small business selling paper bookmarks had a revenue of ₹280 and a profit of ₹50. What were its costs (in ₹)?
32. 32.A small business selling bags of popcorn had a revenue of ₹660 and a profit of ₹390. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
34. 34.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
35. 35.A small business sells 37 clay diyas at ₹30 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) run by directors
37. 37.A small business sells 16 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
38. 38.True or false: “one owner runs it” is true of a company. (a) False (b) True
39. 39.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
40. 40.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it

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