Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 923 · 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.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
2. 2.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
3. 3.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
5. 5.A small business sells 29 fruit cups at ₹25 each. What is its revenue (in ₹)?
6. 6.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.A small business sells 14 clay diyas at ₹40 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) run by directors (d) a separate legal body
10. 10.True or false: “owner owes the debts” is true of a company. (a) True (b) False
11. 11.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
12. 12.A small business sells 26 jute bags at ₹30 each. Its costs are ₹430. What is its profit (in ₹)?
13. 13.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
14. 14.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
15. 15.A small business selling clay diyas had a revenue of ₹660 and a profit of ₹260. What were its costs (in ₹)?
16. 16.A small business sells 18 painted pebbles at ₹45 each. Its costs are ₹800. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
18. 18.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
19. 19.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
20. 20.A small business selling cups of lemonade had a revenue of ₹1435 and a profit of ₹1025. What were its costs (in ₹)?
21. 21.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
22. 22.A small business selling painted pebbles had a revenue of ₹110 and a profit of ₹50. What were its costs (in ₹)?
23. 23.A small business sells 12 painted pebbles at ₹10 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) owned by shareholders
25. 25.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
26. 26.A small business selling clay diyas had a revenue of ₹650 and a profit of ₹130. What were its costs (in ₹)?
27. 27.A small business selling handmade cards had a revenue of ₹510 and a profit of ₹160. What were its costs (in ₹)?
28. 28.True or false: “run by directors” is true of a sole trader. (a) True (b) False
29. 29.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
30. 30.A small business sells 47 jute bags at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business sells 42 fruit cups at ₹15 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner keeps all profit (d) one owner runs it
33. 33.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
34. 34.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
36. 36.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner keeps all profit
37. 37.A small business selling painted pebbles had a revenue of ₹840 and a profit of ₹320. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
39. 39.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
40. 40.A small business selling handmade cards had a revenue of ₹570 and a profit of ₹240. What were its costs (in ₹)?

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