Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 898 · 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: “run by directors” is true of a company. (a) False (b) True
2. 2.A small business selling paper bookmarks had a revenue of ₹95 and a profit of ₹65. What were its costs (in ₹)?
3. 3.A small business selling glasses of chai had a revenue of ₹470 and a profit of ₹160. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
5. 5.A small business sells 28 potted plants at ₹45 each. What is its revenue (in ₹)?
6. 6.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
7. 7.A small business sells 50 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
9. 9.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
10. 10.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
11. 11.A small business sells 41 cupcakes at ₹40 each. What is its revenue (in ₹)?
12. 12.A small business sells 38 clay diyas at ₹50 each. Its costs are ₹1650. What is its profit (in ₹)?
13. 13.True or false: “simplest to start” is true of a company. (a) True (b) False
14. 14.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
15. 15.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
18. 18.A small business selling potted plants had a revenue of ₹940 and a profit of ₹40. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
20. 20.True or false: “a separate legal body” is true of a company. (a) True (b) False
21. 21.A small business sells 38 handmade cards at ₹45 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner owes the debts
23. 23.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
24. 24.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
25. 25.A small business sells 39 painted pebbles at ₹50 each. What is its revenue (in ₹)?
26. 26.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
27. 27.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
28. 28.True or false: “owner owes the debts” is true of a company. (a) False (b) True
29. 29.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
30. 30.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
31. 31.A small business sells 44 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
33. 33.A small business sells 13 fruit cups at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
34. 34.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) simplest to start
35. 35.A small business sells 15 painted pebbles at ₹35 each. Its costs are ₹490. What is its profit (in ₹)?
36. 36.A small business sells 33 cups of lemonade at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
37. 37.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
38. 38.A small business sells 37 potted plants at ₹45 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) one owner runs it
40. 40.A small business sells 35 painted pebbles at ₹5 each. What is its revenue (in ₹)?

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