Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 887 · 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.True or false: “owner owes the debts” is true of a company. (a) True (b) False
2. 2.A small business selling clay diyas had a revenue of ₹2610 and a profit of ₹1930. What were its costs (in ₹)?
3. 3.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) simplest to start
4. 4.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
5. 5.A small business sells 17 painted pebbles at ₹35 each. Its costs are ₹100. What is its profit (in ₹)?
6. 6.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
7. 7.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
8. 8.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
9. 9.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
10. 10.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
11. 11.A small business sells 34 fruit cups at ₹35 each. What is its revenue (in ₹)?
12. 12.A small business sells 56 cupcakes at ₹15 each. What is its revenue (in ₹)?
13. 13.A small business sells 58 glasses of chai at ₹40 each. Its costs are ₹600. What is its profit (in ₹)?
14. 14.A small business selling friendship bands had a revenue of ₹2700 and a profit of ₹1790. What were its costs (in ₹)?
15. 15.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
16. 16.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
17. 17.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
18. 18.True or false: “run by directors” is true of a company. (a) False (b) True
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
20. 20.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
22. 22.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
23. 23.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) a separate legal body
24. 24.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
25. 25.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
26. 26.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
27. 27.True or false: “run by directors” is true of a sole trader. (a) False (b) True
28. 28.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
29. 29.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
31. 31.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
32. 32.A small business sells 14 cups of lemonade at ₹25 each. Its costs are ₹20. What is its profit (in ₹)?
33. 33.A small business selling paper bookmarks had a revenue of ₹170 and a profit of ₹110. What were its costs (in ₹)?
34. 34.A small business sells 24 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
35. 35.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
36. 36.A small business sells 21 jute bags at ₹15 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
38. 38.A small business selling potted plants had a revenue of ₹110 and a profit of ₹50. What were its costs (in ₹)?
39. 39.A small business sells 42 clay diyas at ₹35 each. What is its revenue (in ₹)?
40. 40.A small business sells 29 clay diyas at ₹20 each. What is its revenue (in ₹)?

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