Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 69 · 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.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
3. 3.A small business selling jute bags had a revenue of ₹440 and a profit of ₹250. What were its costs (in ₹)?
4. 4.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) a separate legal body (d) run by directors
6. 6.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.A small business sells 37 bags of popcorn at ₹35 each. Its costs are ₹150. What is its profit (in ₹)?
9. 9.A small business sells 16 cupcakes at ₹30 each. What is its revenue (in ₹)?
10. 10.A small business sells 50 jute bags at ₹20 each. Its costs are ₹240. What is its profit (in ₹)?
11. 11.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
12. 12.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
13. 13.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) owned by shareholders
15. 15.A small business sells 19 handmade cards at ₹20 each. What is its revenue (in ₹)?
16. 16.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
18. 18.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
19. 19.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) one owner runs it
20. 20.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
21. 21.A small business sells 32 clay diyas at ₹15 each. What is its revenue (in ₹)?
22. 22.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
23. 23.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
24. 24.True or false: “owned by shareholders” is true of a company. (a) False (b) True
25. 25.True or false: “run by directors” is true of a company. (a) False (b) True
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
27. 27.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
28. 28.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner owes the debts
29. 29.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
30. 30.True or false: “run by directors” is true of a sole trader. (a) True (b) False
31. 31.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
32. 32.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
33. 33.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
34. 34.A small business selling bags of popcorn had a revenue of ₹2080 and a profit of ₹1500. What were its costs (in ₹)?
35. 35.A small business sells 46 handmade cards at ₹40 each. What is its revenue (in ₹)?
36. 36.A small business sells 35 potted plants at ₹20 each. Its costs are ₹560. What is its profit (in ₹)?
37. 37.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
38. 38.True or false: “owner owes the debts” is true of a company. (a) False (b) True
39. 39.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) simplest to start (d) one owner runs it
40. 40.A small business selling bags of popcorn had a revenue of ₹665 and a profit of ₹125. What were its costs (in ₹)?

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