Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 906 · 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.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
2. 2.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
3. 3.A small business sells 19 cupcakes at ₹30 each. Its costs are ₹50. What is its profit (in ₹)?
4. 4.A small business sells 43 painted pebbles at ₹50 each. What is its revenue (in ₹)?
5. 5.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
6. 6.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
8. 8.A small business sells 30 paper bookmarks at ₹50 each. Its costs are ₹560. What is its profit (in ₹)?
9. 9.A small business sells 36 clay diyas at ₹20 each. Its costs are ₹20. What is its profit (in ₹)?
10. 10.A small business sells 35 paper bookmarks at ₹50 each. Its costs are ₹1220. What is its profit (in ₹)?
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
13. 13.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) one owner runs it (d) owner keeps all profit
14. 14.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
15. 15.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
16. 16.A small business sells 37 potted plants at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
17. 17.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
18. 18.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
19. 19.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
20. 20.A small business sells 18 cups of lemonade at ₹30 each. Its costs are ₹220. What is its profit (in ₹)?
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
22. 22.True or false: “simplest to start” is true of a company. (a) False (b) True
23. 23.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
24. 24.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owners’ risk is limited (d) simplest to start
25. 25.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
26. 26.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
27. 27.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
28. 28.A small business sells 20 glasses of chai at ₹10 each. What is its revenue (in ₹)?
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
30. 30.A small business sells 28 paper bookmarks at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
31. 31.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
32. 32.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
33. 33.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) owner keeps all profit
34. 34.A small business sells 27 jute bags at ₹10 each. What is its revenue (in ₹)?
35. 35.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
36. 36.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
37. 37.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) one owner runs it
38. 38.A small business selling potted plants had a revenue of ₹630 and a profit of ₹610. What were its costs (in ₹)?
39. 39.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) owners’ risk is limited (d) run by directors
40. 40.A small business sells 38 potted plants at ₹35 each. What is its revenue (in ₹)?

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