Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 831 · 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.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
2. 2.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
3. 3.A small business sells 49 friendship bands at ₹35 each. Its costs are ₹1370. What is its profit (in ₹)?
4. 4.A small business sells 56 paper bookmarks at ₹45 each. Its costs are ₹1910. What is its profit (in ₹)?
5. 5.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
6. 6.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
7. 7.A small business selling clay diyas had a revenue of ₹390 and a profit of ₹380. What were its costs (in ₹)?
8. 8.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
9. 9.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
10. 10.A small business sells 24 fruit cups at ₹15 each. What is its revenue (in ₹)?
11. 11.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
12. 12.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
13. 13.A small business sells 53 bags of popcorn at ₹40 each. Its costs are ₹1770. What is its profit (in ₹)?
14. 14.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) owned by shareholders (d) run by directors
15. 15.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) run by directors
16. 16.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
17. 17.True or false: “run by directors” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 10 friendship bands at ₹25 each. What is its revenue (in ₹)?
19. 19.A small business sells 22 glasses of chai at ₹35 each. What is its revenue (in ₹)?
20. 20.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
21. 21.A small business sells 42 friendship bands at ₹45 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
23. 23.A small business sells 21 clay diyas at ₹35 each. Its costs are ₹590. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
25. 25.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
26. 26.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
27. 27.A small business sells 57 jute bags at ₹40 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
29. 29.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
30. 30.A small business selling painted pebbles had a revenue of ₹350 and a profit of ₹60. What were its costs (in ₹)?
31. 31.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
32. 32.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
33. 33.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
34. 34.A small business sells 22 cups of lemonade at ₹50 each. Its costs are ₹660. What is its profit (in ₹)?
35. 35.A small business selling friendship bands had a revenue of ₹2400 and a profit of ₹2020. What were its costs (in ₹)?
36. 36.A small business sells 18 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
37. 37.A small business selling cupcakes had a revenue of ₹190 and a profit of ₹180. What were its costs (in ₹)?
38. 38.A small business selling clay diyas had a revenue of ₹465 and a profit of ₹245. What were its costs (in ₹)?
39. 39.True or false: “run by directors” is true of a company. (a) False (b) True
40. 40.A small business sells 17 cups of lemonade at ₹50 each. What is its revenue (in ₹)?

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