Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 648 · 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 16 painted pebbles at ₹20 each. What is its revenue (in ₹)?
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
3. 3.A small business sells 49 friendship bands at ₹20 each. What is its revenue (in ₹)?
4. 4.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
5. 5.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) a separate legal body
6. 6.A small business selling handmade cards had a revenue of ₹1450 and a profit of ₹1180. What were its costs (in ₹)?
7. 7.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
8. 8.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
9. 9.A small business sells 20 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
10. 10.A small business selling handmade cards had a revenue of ₹2250 and a profit of ₹2140. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
12. 12.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owners’ risk is limited
14. 14.A small business sells 21 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
16. 16.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) run by directors (d) owner owes the debts
17. 17.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) a separate legal body
18. 18.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
19. 19.A small business selling cups of lemonade had a revenue of ₹2100 and a profit of ₹1760. What were its costs (in ₹)?
20. 20.True or false: “simplest to start” is true of a company. (a) True (b) False
21. 21.A small business sells 23 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
22. 22.A small business sells 30 potted plants at ₹15 each. What is its revenue (in ₹)?
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
24. 24.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
25. 25.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
26. 26.True or false: “one owner runs it” is true of a company. (a) True (b) False
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.A small business sells 12 glasses of chai at ₹40 each. Its costs are ₹310. What is its profit (in ₹)?
29. 29.A small business sells 19 potted plants at ₹50 each. What is its revenue (in ₹)?
30. 30.A small business sells 38 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
31. 31.A small business selling glasses of chai had a revenue of ₹1425 and a profit of ₹745. What were its costs (in ₹)?
32. 32.A small business selling glasses of chai had a revenue of ₹330 and a profit of ₹50. What were its costs (in ₹)?
33. 33.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
34. 34.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
35. 35.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
36. 36.A small business sells 35 paper bookmarks at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
38. 38.A small business sells 18 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
39. 39.A small business sells 19 glasses of chai at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
40. 40.True or false: “a separate legal body” is true of a company. (a) True (b) False

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