Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 911 · 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) True (b) False
2. 2.A small business sells 51 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
3. 3.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
4. 4.A small business sells 16 handmade cards at ₹50 each. What is its revenue (in ₹)?
5. 5.A small business selling fruit cups had a revenue of ₹1575 and a profit of ₹25. What were its costs (in ₹)?
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
7. 7.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
8. 8.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
9. 9.A small business sells 36 glasses of chai at ₹25 each. What is its revenue (in ₹)?
10. 10.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
11. 11.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) a separate legal body
12. 12.A small business sells 54 glasses of chai at ₹15 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
14. 14.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
15. 15.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
16. 16.A small business sells 18 clay diyas at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
17. 17.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
18. 18.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
20. 20.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
21. 21.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
22. 22.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
24. 24.A small business sells 45 bags of popcorn at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
25. 25.A small business sells 15 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
27. 27.True or false: “run by directors” is true of a sole trader. (a) True (b) False
28. 28.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
29. 29.A small business sells 26 painted pebbles at ₹35 each. What is its revenue (in ₹)?
30. 30.True or false: “owned by shareholders” is true of a company. (a) False (b) True
31. 31.A small business selling friendship bands had a revenue of ₹2205 and a profit of ₹1845. What were its costs (in ₹)?
32. 32.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
33. 33.A small business selling bags of popcorn had a revenue of ₹580 and a profit of ₹20. What were its costs (in ₹)?
34. 34.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
35. 35.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) owners’ risk is limited
36. 36.A small business sells 10 cupcakes at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
37. 37.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) run by directors
38. 38.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) run by directors (d) owners’ risk is limited
39. 39.A small business sells 57 glasses of chai at ₹30 each. Its costs are ₹540. What is its profit (in ₹)?
40. 40.A small business selling glasses of chai had a revenue of ₹990 and a profit of ₹760. What were its costs (in ₹)?

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