Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 834 · 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 big company (b) a bank (c) a school club (d) a one-owner business
2. 2.True or false: “simplest to start” is true of a company. (a) False (b) True
3. 3.A small business sells 15 painted pebbles at ₹10 each. What is its revenue (in ₹)?
4. 4.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
5. 5.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
6. 6.True or false: “one owner runs it” is true of a company. (a) True (b) False
7. 7.A small business selling glasses of chai had a revenue of ₹1100 and a profit of ₹340. What were its costs (in ₹)?
8. 8.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
9. 9.A small business sells 33 friendship bands at ₹5 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
11. 11.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) a separate legal body
12. 12.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
13. 13.A small business sells 60 fruit cups at ₹10 each. What is its revenue (in ₹)?
14. 14.A small business sells 60 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
15. 15.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
16. 16.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
18. 18.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
19. 19.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
20. 20.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
22. 22.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
23. 23.A small business sells 15 jute bags at ₹35 each. Its costs are ₹490. What is its profit (in ₹)?
24. 24.A small business sells 17 potted plants at ₹25 each. Its costs are ₹250. What is its profit (in ₹)?
25. 25.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
26. 26.A small business selling handmade cards had a revenue of ₹245 and a profit of ₹95. What were its costs (in ₹)?
27. 27.A small business sells 25 handmade cards at ₹20 each. Its costs are ₹20. What is its profit (in ₹)?
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owners’ risk is limited
29. 29.A small business selling jute bags had a revenue of ₹1160 and a profit of ₹1000. What were its costs (in ₹)?
30. 30.A small business sells 11 paper bookmarks at ₹20 each. Its costs are ₹50. What is its profit (in ₹)?
31. 31.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
32. 32.A small business sells 30 paper bookmarks at ₹40 each. Its costs are ₹20. What is its profit (in ₹)?
33. 33.A small business selling potted plants had a revenue of ₹2700 and a profit of ₹140. What were its costs (in ₹)?
34. 34.A small business sells 47 friendship bands at ₹20 each. Its costs are ₹30. What is its profit (in ₹)?
35. 35.A small business selling painted pebbles had a revenue of ₹705 and a profit of ₹445. What were its costs (in ₹)?
36. 36.True or false: “a separate legal body” is true of a company. (a) False (b) True
37. 37.A small business sells 31 handmade cards at ₹50 each. Its costs are ₹540. What is its profit (in ₹)?
38. 38.True or false: “owner owes the debts” is true of a company. (a) False (b) True
39. 39.A small business sells 11 fruit cups at ₹35 each. What is its revenue (in ₹)?
40. 40.A small business sells 45 handmade cards at ₹35 each. Its costs are ₹70. What is its profit (in ₹)?

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