Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 793 · 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 sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit
2. 2.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.A small business selling jute bags had a revenue of ₹2950 and a profit of ₹2240. What were its costs (in ₹)?
5. 5.A small business selling bags of popcorn had a revenue of ₹600 and a profit of ₹40. What were its costs (in ₹)?
6. 6.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
9. 9.A small business sells 24 cups of lemonade at ₹15 each. Its costs are ₹10. What is its profit (in ₹)?
10. 10.A small business sells 43 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
13. 13.A small business sells 29 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
16. 16.A small business sells 11 handmade cards at ₹35 each. What is its revenue (in ₹)?
17. 17.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 22 handmade cards at ₹50 each. What is its revenue (in ₹)?
19. 19.A small business sells 21 friendship bands at ₹45 each. Its costs are ₹410. What is its profit (in ₹)?
20. 20.True or false: “simplest to start” is true of a company. (a) True (b) False
21. 21.A small business sells 49 potted plants at ₹30 each. What is its revenue (in ₹)?
22. 22.A small business sells 18 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
23. 23.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
24. 24.True or false: “one owner runs it” is true of a company. (a) True (b) False
25. 25.A small business sells 41 jute bags at ₹40 each. What is its revenue (in ₹)?
26. 26.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
27. 27.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
28. 28.A small business sells 39 clay diyas at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
29. 29.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owners’ risk is limited
30. 30.True or false: “a separate legal body” is true of a company. (a) False (b) True
31. 31.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
32. 32.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
33. 33.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
34. 34.A small business sells 49 clay diyas at ₹40 each. What is its revenue (in ₹)?
35. 35.A small business sells 49 fruit cups at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
36. 36.A small business sells 21 painted pebbles at ₹15 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
38. 38.A small business selling cupcakes had a revenue of ₹450 and a profit of ₹440. What were its costs (in ₹)?
39. 39.True or false: “run by directors” is true of a company. (a) True (b) False
40. 40.A small business sells 30 clay diyas at ₹50 each. What is its revenue (in ₹)?

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