Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 813 · 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 sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
2. 2.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner owes the debts (d) simplest to start
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.A small business selling bags of popcorn had a revenue of ₹180 and a profit of ₹10. What were its costs (in ₹)?
5. 5.A small business sells 31 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
6. 6.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
7. 7.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owned by shareholders
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
10. 10.A small business selling potted plants had a revenue of ₹280 and a profit of ₹60. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
12. 12.A small business sells 33 glasses of chai at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
13. 13.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) run by directors
14. 14.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
16. 16.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
17. 17.A small business sells 30 paper bookmarks at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
18. 18.A small business sells 45 handmade cards at ₹35 each. What is its revenue (in ₹)?
19. 19.A small business sells 38 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
20. 20.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
21. 21.True or false: “run by directors” is true of a company. (a) True (b) False
22. 22.A small business selling paper bookmarks had a revenue of ₹1050 and a profit of ₹200. What were its costs (in ₹)?
23. 23.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
24. 24.A small business selling cups of lemonade had a revenue of ₹975 and a profit of ₹665. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
26. 26.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
27. 27.A small business sells 16 paper bookmarks at ₹15 each. Its costs are ₹180. What is its profit (in ₹)?
28. 28.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
29. 29.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
30. 30.A small business sells 58 bags of popcorn at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
31. 31.A small business sells 28 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
32. 32.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
33. 33.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
34. 34.True or false: “simplest to start” is true of a company. (a) True (b) False
35. 35.A small business sells 33 fruit cups at ₹50 each. Its costs are ₹1470. What is its profit (in ₹)?
36. 36.A small business sells 25 fruit cups at ₹35 each. What is its revenue (in ₹)?
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
38. 38.A small business sells 59 cups of lemonade at ₹5 each. Its costs are ₹210. What is its profit (in ₹)?
39. 39.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
40. 40.True or false: “run by directors” is true of a sole trader. (a) False (b) True

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