Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 993 · 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.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
2. 2.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
3. 3.A small business sells 25 painted pebbles at ₹20 each. Its costs are ₹90. What is its profit (in ₹)?
4. 4.True or false: “run by directors” is true of a sole trader. (a) False (b) True
5. 5.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
6. 6.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) a separate legal body
7. 7.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) run by directors
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
11. 11.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
12. 12.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
13. 13.A small business selling paper bookmarks had a revenue of ₹350 and a profit of ₹40. What were its costs (in ₹)?
14. 14.A small business sells 20 bags of popcorn at ₹45 each. Its costs are ₹300. What is its profit (in ₹)?
15. 15.A small business sells 35 friendship bands at ₹35 each. Its costs are ₹220. What is its profit (in ₹)?
16. 16.A small business sells 55 glasses of chai at ₹15 each. Its costs are ₹440. What is its profit (in ₹)?
17. 17.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
19. 19.True or false: “simplest to start” is true of a company. (a) True (b) False
20. 20.A small business sells 44 cups of lemonade at ₹25 each. Its costs are ₹680. What is its profit (in ₹)?
21. 21.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner owes the debts (d) owner keeps all profit
22. 22.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
23. 23.True or false: “one owner runs it” is true of a company. (a) True (b) False
24. 24.A small business selling friendship bands had a revenue of ₹1550 and a profit of ₹810. What were its costs (in ₹)?
25. 25.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
26. 26.True or false: “a separate legal body” is true of a company. (a) True (b) False
27. 27.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
28. 28.A small business selling handmade cards had a revenue of ₹1540 and a profit of ₹690. What were its costs (in ₹)?
29. 29.A small business sells 45 potted plants at ₹15 each. What is its revenue (in ₹)?
30. 30.A small business selling clay diyas had a revenue of ₹280 and a profit of ₹200. What were its costs (in ₹)?
31. 31.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
32. 32.A small business sells 45 fruit cups at ₹35 each. Its costs are ₹920. What is its profit (in ₹)?
33. 33.True or false: “owner owes the debts” is true of a company. (a) True (b) False
34. 34.A small business sells 30 glasses of chai at ₹20 each. What is its revenue (in ₹)?
35. 35.A small business sells 26 glasses of chai at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
36. 36.True or false: “owned by shareholders” is true of a company. (a) False (b) True
37. 37.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owners’ risk is limited (d) run by directors
38. 38.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
39. 39.A small business sells 14 clay diyas at ₹5 each. What is its revenue (in ₹)?
40. 40.A small business sells 19 jute bags at ₹45 each. What is its revenue (in ₹)?

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