Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 683 · 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.True or false: “a separate legal body” is true of a company. (a) False (b) True
2. 2.A small business sells 26 clay diyas at ₹15 each. Its costs are ₹290. What is its profit (in ₹)?
3. 3.A small business selling clay diyas had a revenue of ₹85 and a profit of ₹65. What were its costs (in ₹)?
4. 4.A small business selling cups of lemonade had a revenue of ₹480 and a profit of ₹470. What were its costs (in ₹)?
5. 5.True or false: “run by directors” is true of a company. (a) True (b) False
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) run by directors
10. 10.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
11. 11.📜 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
12. 12.A small business sells 44 cupcakes at ₹15 each. Its costs are ₹120. What is its profit (in ₹)?
13. 13.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
14. 14.A small business sells 55 paper bookmarks at ₹50 each. Its costs are ₹250. What is its profit (in ₹)?
15. 15.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
16. 16.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
17. 17.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
18. 18.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
19. 19.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
20. 20.True or false: “run by directors” is true of a sole trader. (a) False (b) True
21. 21.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
22. 22.A small business sells 60 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) a separate legal body
25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
27. 27.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
28. 28.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
29. 29.A small business selling jute bags had a revenue of ₹725 and a profit of ₹505. What were its costs (in ₹)?
30. 30.A small business sells 11 jute bags at ₹50 each. What is its revenue (in ₹)?
31. 31.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
32. 32.A small business sells 28 clay diyas at ₹25 each. What is its revenue (in ₹)?
33. 33.True or false: “owned by shareholders” is true of a company. (a) True (b) False
34. 34.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
35. 35.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
36. 36.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
37. 37.A small business sells 56 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
39. 39.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner keeps all profit
40. 40.A small business sells 22 glasses of chai at ₹35 each. What is its revenue (in ₹)?

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