Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 686 · 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.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
2. 2.A small business sells 56 painted pebbles at ₹30 each. Its costs are ₹230. What is its profit (in ₹)?
3. 3.A small business sells 54 friendship bands at ₹25 each. Its costs are ₹580. What is its profit (in ₹)?
4. 4.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
5. 5.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
6. 6.A small business sells 42 painted pebbles at ₹30 each. What is its revenue (in ₹)?
7. 7.A small business sells 27 potted plants at ₹10 each. What is its revenue (in ₹)?
8. 8.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
9. 9.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
10. 10.A small business selling handmade cards had a revenue of ₹405 and a profit of ₹45. What were its costs (in ₹)?
11. 11.A small business sells 31 friendship bands at ₹25 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
13. 13.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
16. 16.A small business selling potted plants had a revenue of ₹165 and a profit of ₹15. What were its costs (in ₹)?
17. 17.A small business sells 10 friendship bands at ₹40 each. What is its revenue (in ₹)?
18. 18.A small business selling cupcakes had a revenue of ₹525 and a profit of ₹285. What were its costs (in ₹)?
19. 19.A small business sells 59 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
20. 20.A small business sells 50 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
22. 22.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
23. 23.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
24. 24.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
25. 25.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
26. 26.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) one owner runs it (d) owner owes the debts
27. 27.A small business sells 46 paper bookmarks at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
28. 28.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
29. 29.True or false: “owned by shareholders” is true of a company. (a) False (b) True
30. 30.A small business selling potted plants had a revenue of ₹150 and a profit of ₹130. What were its costs (in ₹)?
31. 31.A small business sells 52 glasses of chai at ₹30 each. What is its revenue (in ₹)?
32. 32.A small business selling painted pebbles had a revenue of ₹160 and a profit of ₹130. What were its costs (in ₹)?
33. 33.A small business sells 42 friendship bands at ₹10 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner keeps all profit (d) owners’ risk is limited
35. 35.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) run by directors
36. 36.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
37. 37.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
38. 38.A small business sells 21 potted plants at ₹40 each. Its costs are ₹220. What is its profit (in ₹)?
39. 39.True or false: “run by directors” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 12 painted pebbles at ₹10 each. What is its revenue (in ₹)?

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