Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 86 · 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.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner keeps all profit (d) a separate legal body
2. 2.A small business sells 45 painted pebbles at ₹45 each. What is its revenue (in ₹)?
3. 3.A small business sells 45 fruit cups at ₹25 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
5. 5.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
6. 6.A small business sells 39 paper bookmarks at ₹20 each. Its costs are ₹130. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
9. 9.A small business selling glasses of chai had a revenue of ₹1170 and a profit of ₹1080. What were its costs (in ₹)?
10. 10.A small business sells 16 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
11. 11.A small business selling paper bookmarks had a revenue of ₹750 and a profit of ₹110. What were its costs (in ₹)?
12. 12.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
13. 13.A small business sells 23 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) run by directors
16. 16.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) run by directors (d) owners’ risk is limited
17. 17.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
19. 19.A small business sells 33 clay diyas at ₹5 each. What is its revenue (in ₹)?
20. 20.A small business sells 51 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
22. 22.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
23. 23.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) owned by shareholders
24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
25. 25.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
26. 26.A small business sells 40 jute bags at ₹20 each. Its costs are ₹680. What is its profit (in ₹)?
27. 27.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
28. 28.A small business sells 58 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
29. 29.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
30. 30.True or false: “a separate legal body” is true of a company. (a) False (b) True
31. 31.🎂 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
32. 32.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) a separate legal body
33. 33.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
34. 34.A small business sells 17 painted pebbles at ₹5 each. What is its revenue (in ₹)?
35. 35.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
36. 36.A small business selling jute bags had a revenue of ₹1050 and a profit of ₹240. What were its costs (in ₹)?
37. 37.A small business selling cups of lemonade had a revenue of ₹145 and a profit of ₹75. What were its costs (in ₹)?
38. 38.A small business selling jute bags had a revenue of ₹700 and a profit of ₹520. What were its costs (in ₹)?
39. 39.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
40. 40.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) run by directors (d) simplest to start

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