Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 820 · 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.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
2. 2.A small business selling handmade cards had a revenue of ₹960 and a profit of ₹290. What were its costs (in ₹)?
3. 3.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
4. 4.True or false: “owned by shareholders” is true of a company. (a) True (b) False
5. 5.A small business sells 35 paper bookmarks at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
7. 7.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) a separate legal body
8. 8.A small business sells 50 handmade cards at ₹10 each. Its costs are ₹180. What is its profit (in ₹)?
9. 9.A small business sells 30 cupcakes at ₹10 each. What is its revenue (in ₹)?
10. 10.True or false: “a separate legal body” is true of a company. (a) True (b) False
11. 11.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
12. 12.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) one owner runs it
13. 13.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
14. 14.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
15. 15.A small business sells 11 jute bags at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
16. 16.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
17. 17.A small business sells 43 glasses of chai at ₹25 each. Its costs are ₹20. What is its profit (in ₹)?
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
19. 19.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
20. 20.A small business selling clay diyas had a revenue of ₹200 and a profit of ₹20. What were its costs (in ₹)?
21. 21.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
22. 22.True or false: “one owner runs it” is true of a company. (a) True (b) False
23. 23.A small business selling glasses of chai had a revenue of ₹240 and a profit of ₹50. What were its costs (in ₹)?
24. 24.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
25. 25.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
26. 26.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 44 fruit cups at ₹50 each. Its costs are ₹990. What is its profit (in ₹)?
28. 28.A small business sells 20 potted plants at ₹25 each. What is its revenue (in ₹)?
29. 29.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
30. 30.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
31. 31.A small business sells 31 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
32. 32.A small business selling cups of lemonade had a revenue of ₹255 and a profit of ₹95. What were its costs (in ₹)?
33. 33.A small business selling cups of lemonade had a revenue of ₹465 and a profit of ₹405. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
35. 35.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
37. 37.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
38. 38.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
39. 39.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
40. 40.A small business sells 40 paper bookmarks at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?

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