Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 103 · 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.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
2. 2.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
3. 3.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) a separate legal body (d) run by directors
4. 4.True or false: “run by directors” is true of a sole trader. (a) True (b) False
5. 5.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
6. 6.A small business sells 15 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
7. 7.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
8. 8.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
9. 9.A small business sells 30 clay diyas at ₹30 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
11. 11.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
12. 12.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
13. 13.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
15. 15.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
16. 16.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owned by shareholders
17. 17.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) a separate legal body
18. 18.A small business sells 35 friendship bands at ₹40 each. Its costs are ₹470. What is its profit (in ₹)?
19. 19.A small business sells 10 cups of lemonade at ₹50 each. Its costs are ₹130. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
21. 21.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
22. 22.A small business sells 45 friendship bands at ₹40 each. What is its revenue (in ₹)?
23. 23.A small business sells 20 painted pebbles at ₹35 each. Its costs are ₹130. What is its profit (in ₹)?
24. 24.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
25. 25.A small business selling glasses of chai had a revenue of ₹2200 and a profit of ₹1700. What were its costs (in ₹)?
26. 26.A small business sells 31 clay diyas at ₹15 each. What is its revenue (in ₹)?
27. 27.A small business sells 51 glasses of chai at ₹10 each. Its costs are ₹370. What is its profit (in ₹)?
28. 28.A small business sells 53 handmade cards at ₹35 each. Its costs are ₹1740. What is its profit (in ₹)?
29. 29.A small business selling clay diyas had a revenue of ₹1200 and a profit of ₹660. What were its costs (in ₹)?
30. 30.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
31. 31.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
32. 32.A small business sells 12 fruit cups at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
33. 33.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
34. 34.True or false: “owner owes the debts” is true of a company. (a) False (b) True
35. 35.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
36. 36.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
37. 37.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
38. 38.A small business selling potted plants had a revenue of ₹260 and a profit of ₹100. What were its costs (in ₹)?
39. 39.A small business selling cups of lemonade had a revenue of ₹490 and a profit of ₹90. What were its costs (in ₹)?
40. 40.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited

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