Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 670 · 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 sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
3. 3.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
6. 6.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
7. 7.A small business sells 14 handmade cards at ₹20 each. Its costs are ₹190. What is its profit (in ₹)?
8. 8.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) one owner runs it (d) simplest to start
9. 9.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
10. 10.A small business sells 53 friendship bands at ₹35 each. Its costs are ₹720. What is its profit (in ₹)?
11. 11.True or false: “run by directors” is true of a sole trader. (a) True (b) False
12. 12.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
13. 13.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owned by shareholders (d) one owner runs it
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
15. 15.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owned by shareholders
16. 16.A small business selling potted plants had a revenue of ₹120 and a profit of ₹100. What were its costs (in ₹)?
17. 17.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
18. 18.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) a separate legal body (d) owners’ risk is limited
19. 19.A small business selling clay diyas had a revenue of ₹205 and a profit of ₹185. What were its costs (in ₹)?
20. 20.A small business selling handmade cards had a revenue of ₹490 and a profit of ₹210. What were its costs (in ₹)?
21. 21.A small business sells 29 painted pebbles at ₹20 each. What is its revenue (in ₹)?
22. 22.A small business sells 23 paper bookmarks at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
24. 24.A small business sells 15 jute bags at ₹30 each. Its costs are ₹130. What is its profit (in ₹)?
25. 25.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) simplest to start
27. 27.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
28. 28.A small business sells 58 handmade cards at ₹50 each. What is its revenue (in ₹)?
29. 29.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
30. 30.A small business sells 41 potted plants at ₹30 each. Its costs are ₹880. What is its profit (in ₹)?
31. 31.A small business sells 32 glasses of chai at ₹20 each. What is its revenue (in ₹)?
32. 32.A small business sells 41 potted plants at ₹20 each. Its costs are ₹420. What is its profit (in ₹)?
33. 33.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 49 glasses of chai at ₹5 each. Its costs are ₹170. What is its profit (in ₹)?
35. 35.True or false: “owner owes the debts” is true of a company. (a) False (b) True
36. 36.A small business sells 22 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
37. 37.A small business sells 24 painted pebbles at ₹50 each. What is its revenue (in ₹)?
38. 38.A small business selling handmade cards had a revenue of ₹520 and a profit of ₹310. What were its costs (in ₹)?
39. 39.A small business sells 14 clay diyas at ₹35 each. Its costs are ₹70. What is its profit (in ₹)?
40. 40.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True

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