Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 753 · 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 company. (a) False (b) True
2. 2.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
3. 3.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
4. 4.A small business sells 20 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.A small business sells 14 painted pebbles at ₹5 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.A small business sells 40 handmade cards at ₹50 each. Its costs are ₹1290. What is its profit (in ₹)?
9. 9.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) simplest to start (d) owner owes the debts
11. 11.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
13. 13.A small business selling clay diyas had a revenue of ₹270 and a profit of ₹190. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.A small business sells 48 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
17. 17.A small business selling painted pebbles had a revenue of ₹2070 and a profit of ₹550. What were its costs (in ₹)?
18. 18.A small business selling friendship bands had a revenue of ₹1300 and a profit of ₹840. What were its costs (in ₹)?
19. 19.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
20. 20.A small business sells 11 handmade cards at ₹20 each. What is its revenue (in ₹)?
21. 21.True or false: “one owner runs it” is true of a company. (a) False (b) True
22. 22.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
23. 23.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) a separate legal body
24. 24.A small business selling handmade cards had a revenue of ₹1720 and a profit of ₹490. What were its costs (in ₹)?
25. 25.A small business selling bags of popcorn had a revenue of ₹735 and a profit of ₹675. What were its costs (in ₹)?
26. 26.A small business sells 41 fruit cups at ₹35 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owners’ risk is limited
29. 29.A small business selling cupcakes had a revenue of ₹130 and a profit of ₹80. What were its costs (in ₹)?
30. 30.A small business sells 23 painted pebbles at ₹25 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
32. 32.A small business sells 60 jute bags at ₹20 each. What is its revenue (in ₹)?
33. 33.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
34. 34.A small business selling cupcakes had a revenue of ₹1295 and a profit of ₹425. What were its costs (in ₹)?
35. 35.A small business sells 21 glasses of chai at ₹45 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) owner keeps all profit (d) simplest to start
37. 37.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
38. 38.A small business sells 51 friendship bands at ₹10 each. What is its revenue (in ₹)?
39. 39.A small business sells 45 cups of lemonade at ₹45 each. Its costs are ₹1940. What is its profit (in ₹)?
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True

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