Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 782 · 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.A small business selling glasses of chai had a revenue of ₹260 and a profit of ₹200. What were its costs (in ₹)?
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) owners’ risk is limited
3. 3.A small business selling paper bookmarks had a revenue of ₹675 and a profit of ₹35. What were its costs (in ₹)?
4. 4.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
5. 5.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) owner owes the debts
6. 6.A small business sells 40 bags of popcorn at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner keeps all profit (d) run by directors
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
9. 9.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
10. 10.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
11. 11.A small business sells 40 potted plants at ₹20 each. What is its revenue (in ₹)?
12. 12.A small business selling handmade cards had a revenue of ₹1560 and a profit of ₹40. What were its costs (in ₹)?
13. 13.True or false: “a separate legal body” is true of a company. (a) False (b) True
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
15. 15.True or false: “one owner runs it” is true of a company. (a) True (b) False
16. 16.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
17. 17.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
18. 18.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
19. 19.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
20. 20.A small business selling clay diyas had a revenue of ₹160 and a profit of ₹90. What were its costs (in ₹)?
21. 21.A small business sells 25 potted plants at ₹35 each. Its costs are ₹350. What is its profit (in ₹)?
22. 22.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
23. 23.A small business sells 31 glasses of chai at ₹35 each. Its costs are ₹430. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
25. 25.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) simplest to start
26. 26.A small business sells 50 fruit cups at ₹30 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
28. 28.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
29. 29.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
31. 31.True or false: “run by directors” is true of a sole trader. (a) True (b) False
32. 32.A small business selling jute bags had a revenue of ₹520 and a profit of ₹200. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
34. 34.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
35. 35.A small business sells 14 handmade cards at ₹30 each. Its costs are ₹310. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
37. 37.A small business sells 13 jute bags at ₹10 each. What is its revenue (in ₹)?
38. 38.A small business sells 31 paper bookmarks at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
39. 39.A small business selling potted plants had a revenue of ₹300 and a profit of ₹20. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) simplest to start (d) one owner runs it

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