Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 982 · 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: “one owner runs it” is true of a sole trader. (a) True (b) False
2. 2.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
3. 3.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
4. 4.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
5. 5.A small business selling jute bags had a revenue of ₹1035 and a profit of ₹795. What were its costs (in ₹)?
6. 6.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) a separate legal body
8. 8.A small business sells 45 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
9. 9.A small business sells 50 potted plants at ₹10 each. Its costs are ₹280. What is its profit (in ₹)?
10. 10.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
11. 11.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
12. 12.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) run by directors
13. 13.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owned by shareholders (d) one owner runs it
15. 15.A small business sells 51 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
16. 16.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
17. 17.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
19. 19.True or false: “one owner runs it” is true of a company. (a) True (b) False
20. 20.A small business sells 36 glasses of chai at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
21. 21.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
22. 22.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
24. 24.A small business selling cupcakes had a revenue of ₹540 and a profit of ₹360. What were its costs (in ₹)?
25. 25.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
26. 26.A small business selling jute bags had a revenue of ₹945 and a profit of ₹165. What were its costs (in ₹)?
27. 27.A small business sells 37 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
28. 28.A small business sells 59 handmade cards at ₹10 each. Its costs are ₹200. What is its profit (in ₹)?
29. 29.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
30. 30.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
31. 31.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
32. 32.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
33. 33.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
34. 34.A small business sells 21 clay diyas at ₹40 each. What is its revenue (in ₹)?
35. 35.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
36. 36.A small business selling fruit cups had a revenue of ₹2360 and a profit of ₹760. What were its costs (in ₹)?
37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
38. 38.True or false: “run by directors” is true of a sole trader. (a) False (b) True
39. 39.A small business selling potted plants had a revenue of ₹1050 and a profit of ₹900. What were its costs (in ₹)?
40. 40.A small business sells 46 handmade cards at ₹15 each. What is its revenue (in ₹)?

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