Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 663 · 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 selling cups of lemonade had a revenue of ₹315 and a profit of ₹275. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
3. 3.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
4. 4.A small business sells 27 handmade cards at ₹30 each. Its costs are ₹190. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
6. 6.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
7. 7.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
8. 8.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
9. 9.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
10. 10.A small business sells 24 cupcakes at ₹10 each. Its costs are ₹210. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.A small business selling paper bookmarks had a revenue of ₹595 and a profit of ₹375. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
14. 14.True or false: “one owner runs it” is true of a company. (a) False (b) True
15. 15.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
16. 16.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) one owner runs it
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) owners’ risk is limited
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
20. 20.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
21. 21.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
22. 22.A small business sells 48 bags of popcorn at ₹20 each. Its costs are ₹780. What is its profit (in ₹)?
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
25. 25.A small business sells 19 handmade cards at ₹10 each. What is its revenue (in ₹)?
26. 26.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
27. 27.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) simplest to start (d) one owner runs it
28. 28.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
29. 29.True or false: “run by directors” is true of a sole trader. (a) True (b) False
30. 30.True or false: “owner owes the debts” is true of a company. (a) False (b) True
31. 31.A small business selling painted pebbles had a revenue of ₹140 and a profit of ₹50. What were its costs (in ₹)?
32. 32.A small business sells 53 handmade cards at ₹50 each. What is its revenue (in ₹)?
33. 33.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
34. 34.A small business sells 46 glasses of chai at ₹25 each. Its costs are ₹710. What is its profit (in ₹)?
35. 35.A small business selling painted pebbles had a revenue of ₹195 and a profit of ₹175. What were its costs (in ₹)?
36. 36.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
37. 37.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
38. 38.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
39. 39.A small business sells 28 potted plants at ₹20 each. What is its revenue (in ₹)?
40. 40.A small business sells 53 clay diyas at ₹25 each. What is its revenue (in ₹)?

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