Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 64 · 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) its shareholders (b) its suppliers (c) its customers (d) the government always
2. 2.A small business sells 18 painted pebbles at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
3. 3.True or false: “a separate legal body” is true of a company. (a) True (b) False
4. 4.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
5. 5.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
6. 6.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.A small business sells 18 fruit cups at ₹15 each. What is its revenue (in ₹)?
9. 9.A small business sells 45 clay diyas at ₹40 each. Its costs are ₹480. What is its profit (in ₹)?
10. 10.A small business sells 36 jute bags at ₹25 each. What is its revenue (in ₹)?
11. 11.True or false: “owned by shareholders” is true of a company. (a) True (b) False
12. 12.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
13. 13.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
14. 14.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner owes the debts
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
17. 17.A small business sells 55 jute bags at ₹15 each. Its costs are ₹370. What is its profit (in ₹)?
18. 18.A small business sells 35 glasses of chai at ₹15 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) simplest to start
20. 20.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
21. 21.A small business sells 22 handmade cards at ₹45 each. Its costs are ₹550. What is its profit (in ₹)?
22. 22.A small business sells 42 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
23. 23.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
24. 24.True or false: “run by directors” is true of a sole trader. (a) False (b) True
25. 25.A small business selling fruit cups had a revenue of ₹780 and a profit of ₹630. What were its costs (in ₹)?
26. 26.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
27. 27.A small business selling friendship bands had a revenue of ₹1080 and a profit of ₹920. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
29. 29.A small business sells 10 bags of popcorn at ₹50 each. Its costs are ₹440. What is its profit (in ₹)?
30. 30.A small business sells 47 painted pebbles at ₹45 each. What is its revenue (in ₹)?
31. 31.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
32. 32.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
33. 33.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
34. 34.A small business sells 16 clay diyas at ₹30 each. Its costs are ₹430. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
36. 36.A small business sells 29 handmade cards at ₹30 each. Its costs are ₹820. What is its profit (in ₹)?
37. 37.A small business sells 10 painted pebbles at ₹10 each. What is its revenue (in ₹)?
38. 38.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
39. 39.A small business selling friendship bands had a revenue of ₹2800 and a profit of ₹450. What were its costs (in ₹)?
40. 40.A small business sells 40 friendship bands at ₹35 each. What is its revenue (in ₹)?

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