Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 907 · 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.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
2. 2.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.A small business selling painted pebbles had a revenue of ₹490 and a profit of ₹390. What were its costs (in ₹)?
5. 5.True or false: “owner owes the debts” is true of a company. (a) False (b) True
6. 6.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
7. 7.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
9. 9.A small business sells 46 fruit cups at ₹5 each. What is its revenue (in ₹)?
10. 10.True or false: “one owner runs it” is true of a company. (a) True (b) False
11. 11.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
13. 13.A small business sells 15 jute bags at ₹45 each. What is its revenue (in ₹)?
14. 14.A small business selling bags of popcorn had a revenue of ₹1720 and a profit of ₹20. What were its costs (in ₹)?
15. 15.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
16. 16.A small business selling cupcakes had a revenue of ₹1000 and a profit of ₹90. What were its costs (in ₹)?
17. 17.A small business sells 16 friendship bands at ₹50 each. Its costs are ₹250. What is its profit (in ₹)?
18. 18.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
19. 19.A small business sells 28 paper bookmarks at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
20. 20.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
21. 21.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
22. 22.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) a separate legal body (d) one owner runs it
23. 23.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
24. 24.A small business sells 56 painted pebbles at ₹20 each. Its costs are ₹620. What is its profit (in ₹)?
25. 25.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) one owner runs it
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit
28. 28.A small business sells 38 jute bags at ₹25 each. What is its revenue (in ₹)?
29. 29.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
31. 31.A small business sells 24 handmade cards at ₹25 each. What is its revenue (in ₹)?
32. 32.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
33. 33.A small business sells 49 cupcakes at ₹40 each. Its costs are ₹240. What is its profit (in ₹)?
34. 34.A small business sells 41 jute bags at ₹25 each. What is its revenue (in ₹)?
35. 35.A small business sells 19 clay diyas at ₹50 each. Its costs are ₹200. What is its profit (in ₹)?
36. 36.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
37. 37.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
38. 38.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
39. 39.A small business sells 11 fruit cups at ₹30 each. What is its revenue (in ₹)?
40. 40.A small business sells 40 fruit cups at ₹10 each. What is its revenue (in ₹)?

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