Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 838 · 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) nobody (c) a random video (d) a classmate
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) simplest to start
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
4. 4.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
5. 5.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
6. 6.A small business sells 35 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
7. 7.A small business selling handmade cards had a revenue of ₹240 and a profit of ₹150. What were its costs (in ₹)?
8. 8.A small business selling paper bookmarks had a revenue of ₹500 and a profit of ₹160. What were its costs (in ₹)?
9. 9.A small business sells 14 jute bags at ₹25 each. Its costs are ₹330. What is its profit (in ₹)?
10. 10.True or false: “owned by shareholders” is true of a company. (a) True (b) False
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
12. 12.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.A small business sells 44 clay diyas at ₹45 each. Its costs are ₹930. What is its profit (in ₹)?
17. 17.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
18. 18.A small business sells 26 cups of lemonade at ₹35 each. Its costs are ₹890. What is its profit (in ₹)?
19. 19.A small business selling potted plants had a revenue of ₹480 and a profit of ₹430. What were its costs (in ₹)?
20. 20.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
21. 21.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
22. 22.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
23. 23.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
24. 24.A small business sells 11 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
25. 25.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
26. 26.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) simplest to start (d) owner owes the debts
27. 27.A small business sells 52 jute bags at ₹45 each. What is its revenue (in ₹)?
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
29. 29.A small business sells 21 bags of popcorn at ₹15 each. Its costs are ₹290. What is its profit (in ₹)?
30. 30.True or false: “simplest to start” is true of a company. (a) False (b) True
31. 31.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
32. 32.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
33. 33.A small business sells 50 fruit cups at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
34. 34.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
35. 35.True or false: “run by directors” is true of a company. (a) False (b) True
36. 36.True or false: “one owner runs it” is true of a company. (a) False (b) True
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) owned by shareholders (d) a separate legal body
38. 38.A small business sells 23 handmade cards at ₹45 each. What is its revenue (in ₹)?
39. 39.A small business sells 32 glasses of chai at ₹40 each. What is its revenue (in ₹)?
40. 40.A small business selling cups of lemonade had a revenue of ₹2655 and a profit of ₹1265. What were its costs (in ₹)?

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