Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 698 · 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.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
4. 4.A small business sells 40 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
5. 5.True or false: “owned by shareholders” is true of a company. (a) False (b) True
6. 6.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
8. 8.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
9. 9.A small business selling glasses of chai had a revenue of ₹225 and a profit of ₹75. What were its costs (in ₹)?
10. 10.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
11. 11.A small business sells 38 glasses of chai at ₹25 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
13. 13.A small business sells 49 glasses of chai at ₹20 each. What is its revenue (in ₹)?
14. 14.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
15. 15.A small business selling painted pebbles had a revenue of ₹185 and a profit of ₹125. What were its costs (in ₹)?
16. 16.A small business selling painted pebbles had a revenue of ₹975 and a profit of ₹55. What were its costs (in ₹)?
17. 17.A small business sells 58 clay diyas at ₹5 each. What is its revenue (in ₹)?
18. 18.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
19. 19.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
20. 20.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
21. 21.A small business sells 28 glasses of chai at ₹35 each. Its costs are ₹50. What is its profit (in ₹)?
22. 22.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
23. 23.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
24. 24.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
25. 25.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
26. 26.A small business selling friendship bands had a revenue of ₹800 and a profit of ₹650. What were its costs (in ₹)?
27. 27.A small business selling fruit cups had a revenue of ₹150 and a profit of ₹60. What were its costs (in ₹)?
28. 28.True or false: “run by directors” is true of a sole trader. (a) True (b) False
29. 29.A small business sells 22 clay diyas at ₹30 each. What is its revenue (in ₹)?
30. 30.True or false: “owner owes the debts” is true of a company. (a) False (b) True
31. 31.A small business sells 51 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
32. 32.A small business sells 44 fruit cups at ₹50 each. Its costs are ₹2180. What is its profit (in ₹)?
33. 33.A small business sells 46 cupcakes at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
35. 35.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) simplest to start (d) one owner runs it
36. 36.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
37. 37.A small business sells 27 cupcakes at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
38. 38.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
39. 39.A small business sells 55 fruit cups at ₹20 each. Its costs are ₹740. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company

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