Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 778 · 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) False (b) True
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
4. 4.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
5. 5.A small business sells 13 clay diyas at ₹25 each. What is its revenue (in ₹)?
6. 6.True or false: “owned by shareholders” is true of a company. (a) False (b) True
7. 7.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
8. 8.A small business selling bags of popcorn had a revenue of ₹570 and a profit of ₹20. What were its costs (in ₹)?
9. 9.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
10. 10.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
11. 11.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) a separate legal body
12. 12.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
13. 13.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
14. 14.A small business sells 24 glasses of chai at ₹40 each. What is its revenue (in ₹)?
15. 15.A small business selling bags of popcorn had a revenue of ₹1855 and a profit of ₹255. What were its costs (in ₹)?
16. 16.True or false: “one owner runs it” is true of a company. (a) False (b) True
17. 17.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
18. 18.A small business sells 50 cupcakes at ₹35 each. Its costs are ₹590. What is its profit (in ₹)?
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
21. 21.A small business sells 20 friendship bands at ₹5 each. What is its revenue (in ₹)?
22. 22.A small business sells 55 painted pebbles at ₹35 each. Its costs are ₹90. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
24. 24.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner owes the debts
25. 25.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
26. 26.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
27. 27.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) one owner runs it (d) owner keeps all profit
28. 28.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
29. 29.A small business sells 39 fruit cups at ₹15 each. Its costs are ₹550. What is its profit (in ₹)?
30. 30.A small business selling painted pebbles had a revenue of ₹1160 and a profit of ₹420. What were its costs (in ₹)?
31. 31.A small business sells 16 fruit cups at ₹30 each. What is its revenue (in ₹)?
32. 32.A small business selling jute bags had a revenue of ₹1175 and a profit of ₹305. What were its costs (in ₹)?
33. 33.A small business sells 46 fruit cups at ₹15 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) run by directors
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner keeps all profit
37. 37.A small business sells 46 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
38. 38.A small business selling paper bookmarks had a revenue of ₹400 and a profit of ₹20. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
40. 40.A small business selling glasses of chai had a revenue of ₹540 and a profit of ₹100. What were its costs (in ₹)?

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