Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 77 · 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.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owned by shareholders
2. 2.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
3. 3.A small business selling paper bookmarks had a revenue of ₹465 and a profit of ₹305. What were its costs (in ₹)?
4. 4.A small business sells 19 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
6. 6.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
7. 7.A small business sells 10 clay diyas at ₹5 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) simplest to start (d) a separate legal body
10. 10.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) run by directors
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
12. 12.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
13. 13.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
14. 14.A small business selling bags of popcorn had a revenue of ₹420 and a profit of ₹50. What were its costs (in ₹)?
15. 15.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
16. 16.True or false: “run by directors” is true of a company. (a) True (b) False
17. 17.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
18. 18.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
19. 19.A small business sells 59 handmade cards at ₹35 each. Its costs are ₹1650. What is its profit (in ₹)?
20. 20.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) owners’ risk is limited
21. 21.A small business sells 48 glasses of chai at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
22. 22.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
23. 23.A small business sells 34 clay diyas at ₹15 each. What is its revenue (in ₹)?
24. 24.A small business sells 36 paper bookmarks at ₹30 each. Its costs are ₹510. What is its profit (in ₹)?
25. 25.A small business sells 40 friendship bands at ₹25 each. Its costs are ₹10. What is its profit (in ₹)?
26. 26.A small business selling cups of lemonade had a revenue of ₹1425 and a profit of ₹705. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
28. 28.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
29. 29.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
30. 30.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
31. 31.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
32. 32.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
33. 33.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) run by directors
34. 34.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 18 clay diyas at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
36. 36.A small business sells 15 glasses of chai at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
37. 37.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 54 paper bookmarks at ₹35 each. Its costs are ₹800. What is its profit (in ₹)?
39. 39.A small business sells 24 painted pebbles at ₹40 each. Its costs are ₹790. What is its profit (in ₹)?
40. 40.True or false: “one owner runs it” is true of a company. (a) True (b) False

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