Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 999 · 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) yes, no one needed (b) only with adult help (c) never ever (d) only at night
2. 2.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
3. 3.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
4. 4.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
7. 7.A small business sells 23 bags of popcorn at ₹25 each. Its costs are ₹40. What is its profit (in ₹)?
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.A small business sells 17 clay diyas at ₹20 each. Its costs are ₹40. What is its profit (in ₹)?
10. 10.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
11. 11.A small business selling glasses of chai had a revenue of ₹2150 and a profit of ₹2080. What were its costs (in ₹)?
12. 12.A small business selling bags of popcorn had a revenue of ₹1320 and a profit of ₹620. What were its costs (in ₹)?
13. 13.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) a separate legal body (d) owned by shareholders
14. 14.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) one owner runs it (d) owned by shareholders
15. 15.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
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
17. 17.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) simplest to start (d) run by directors
19. 19.True or false: “run by directors” is true of a sole trader. (a) True (b) False
20. 20.A small business sells 17 bags of popcorn at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
21. 21.A small business selling clay diyas had a revenue of ₹280 and a profit of ₹270. What were its costs (in ₹)?
22. 22.📜 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
23. 23.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) one owner runs it (d) owner owes the debts
24. 24.A small business selling friendship bands had a revenue of ₹525 and a profit of ₹125. What were its costs (in ₹)?
25. 25.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) run by directors
26. 26.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
27. 27.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner keeps all profit (d) simplest to start
28. 28.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
29. 29.A small business sells 22 clay diyas at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
30. 30.A small business sells 32 painted pebbles at ₹50 each. Its costs are ₹1160. What is its profit (in ₹)?
31. 31.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
32. 32.True or false: “a separate legal body” is true of a company. (a) True (b) False
33. 33.A small business sells 21 painted pebbles at ₹50 each. What is its revenue (in ₹)?
34. 34.A small business selling potted plants had a revenue of ₹720 and a profit of ₹120. What were its costs (in ₹)?
35. 35.A small business selling painted pebbles had a revenue of ₹1680 and a profit of ₹650. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
37. 37.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
38. 38.A small business selling painted pebbles had a revenue of ₹980 and a profit of ₹540. What were its costs (in ₹)?
39. 39.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
40. 40.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit

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