Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 940 · 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 small business sells 23 jute bags at ₹25 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owners’ risk is limited (d) owned by shareholders
3. 3.True or false: “a separate legal body” is true of a company. (a) False (b) True
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) simplest to start
5. 5.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
6. 6.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
7. 7.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
8. 8.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
9. 9.A small business sells 19 fruit cups at ₹25 each. Its costs are ₹190. What is its profit (in ₹)?
10. 10.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
11. 11.A small business selling potted plants had a revenue of ₹1800 and a profit of ₹1590. What were its costs (in ₹)?
12. 12.🎂 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
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
14. 14.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
16. 16.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
17. 17.A small business selling handmade cards had a revenue of ₹1400 and a profit of ₹1230. What were its costs (in ₹)?
18. 18.A small business sells 56 friendship bands at ₹5 each. What is its revenue (in ₹)?
19. 19.A small business selling cups of lemonade had a revenue of ₹275 and a profit of ₹175. What were its costs (in ₹)?
20. 20.A small business selling clay diyas had a revenue of ₹1350 and a profit of ₹300. What were its costs (in ₹)?
21. 21.A small business sells 14 fruit cups at ₹25 each. What is its revenue (in ₹)?
22. 22.A small business sells 50 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
23. 23.A small business sells 44 glasses of chai at ₹50 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
25. 25.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
26. 26.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
27. 27.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
28. 28.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
29. 29.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) one owner runs it
30. 30.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) owner owes the debts
31. 31.A small business sells 23 jute bags at ₹35 each. Its costs are ₹300. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
33. 33.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 34 potted plants at ₹20 each. What is its revenue (in ₹)?
35. 35.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
36. 36.A small business selling cupcakes had a revenue of ₹220 and a profit of ₹80. What were its costs (in ₹)?
37. 37.A small business selling bags of popcorn had a revenue of ₹2115 and a profit of ₹1505. What were its costs (in ₹)?
38. 38.A small business selling jute bags had a revenue of ₹1350 and a profit of ₹210. What were its costs (in ₹)?
39. 39.A small business selling clay diyas had a revenue of ₹1225 and a profit of ₹1115. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) simplest to start

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