Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 78 · 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) owner owes the debts (c) owned by shareholders (d) simplest to start
2. 2.A small business selling glasses of chai had a revenue of ₹480 and a profit of ₹400. What were its costs (in ₹)?
3. 3.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) one owner runs it
4. 4.A small business sells 25 handmade cards at ₹15 each. What is its revenue (in ₹)?
5. 5.🎂 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
6. 6.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
7. 7.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) simplest to start
8. 8.A small business sells 25 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
9. 9.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
10. 10.A small business sells 54 glasses of chai at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
11. 11.A small business sells 51 cups of lemonade at ₹15 each. Its costs are ₹510. What is its profit (in ₹)?
12. 12.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owners’ risk is limited
13. 13.A small business selling paper bookmarks had a revenue of ₹1350 and a profit of ₹150. What were its costs (in ₹)?
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
15. 15.A small business sells 17 cups of lemonade at ₹50 each. Its costs are ₹680. What is its profit (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
17. 17.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
18. 18.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
19. 19.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
20. 20.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
21. 21.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
22. 22.A small business sells 31 clay diyas at ₹50 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owned by shareholders
24. 24.True or false: “run by directors” is true of a sole trader. (a) False (b) True
25. 25.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
26. 26.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
27. 27.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
28. 28.A small business sells 11 cupcakes at ₹40 each. What is its revenue (in ₹)?
29. 29.A small business sells 25 fruit cups at ₹40 each. What is its revenue (in ₹)?
30. 30.A small business sells 46 painted pebbles at ₹20 each. Its costs are ₹130. What is its profit (in ₹)?
31. 31.A small business sells 19 clay diyas at ₹30 each. Its costs are ₹420. What is its profit (in ₹)?
32. 32.True or false: “owner owes the debts” is true of a company. (a) False (b) True
33. 33.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
34. 34.A small business sells 43 paper bookmarks at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
36. 36.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
37. 37.A small business sells 56 paper bookmarks at ₹30 each. Its costs are ₹260. What is its profit (in ₹)?
38. 38.A small business selling friendship bands had a revenue of ₹2800 and a profit of ₹2000. What were its costs (in ₹)?
39. 39.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
40. 40.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate

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