Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 713 · 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: “simplest to start” is true of a sole trader. (a) True (b) False
2. 2.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
3. 3.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
4. 4.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
5. 5.A small business sells 10 clay diyas at ₹50 each. What is its revenue (in ₹)?
6. 6.🎂 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
7. 7.True or false: “one owner runs it” is true of a company. (a) False (b) True
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) a separate legal body
9. 9.True or false: “simplest to start” is true of a company. (a) True (b) False
10. 10.A small business sells 57 bags of popcorn at ₹15 each. Its costs are ₹310. What is its profit (in ₹)?
11. 11.A small business sells 26 bags of popcorn at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
12. 12.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
13. 13.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
14. 14.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) run by directors (d) one owner runs it
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
16. 16.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
17. 17.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) one owner runs it
18. 18.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
19. 19.A small business selling painted pebbles had a revenue of ₹1980 and a profit of ₹410. What were its costs (in ₹)?
20. 20.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) a separate legal body
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
22. 22.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
23. 23.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
24. 24.A small business selling handmade cards had a revenue of ₹275 and a profit of ₹215. What were its costs (in ₹)?
25. 25.A small business selling fruit cups had a revenue of ₹140 and a profit of ₹120. What were its costs (in ₹)?
26. 26.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
27. 27.A small business sells 41 handmade cards at ₹15 each. What is its revenue (in ₹)?
28. 28.A small business sells 33 potted plants at ₹50 each. What is its revenue (in ₹)?
29. 29.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
30. 30.A small business sells 53 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
31. 31.A small business sells 59 bags of popcorn at ₹25 each. Its costs are ₹840. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
33. 33.A small business selling painted pebbles had a revenue of ₹1200 and a profit of ₹840. What were its costs (in ₹)?
34. 34.A small business selling cupcakes had a revenue of ₹925 and a profit of ₹695. What were its costs (in ₹)?
35. 35.A small business sells 54 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
36. 36.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
37. 37.A small business sells 44 potted plants at ₹45 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: run by directors? (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) owner owes the debts (d) owned by shareholders
40. 40.A small business selling potted plants had a revenue of ₹1960 and a profit of ₹700. What were its costs (in ₹)?

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