Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 110 · 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: price × number sold? (a) revenue (b) profit
2. 2.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
3. 3.A small business sells 28 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
4. 4.A small business sells 17 cupcakes at ₹15 each. What is its revenue (in ₹)?
5. 5.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
6. 6.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner keeps all profit (d) owned by shareholders
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
9. 9.True or false: “run by directors” is true of a sole trader. (a) False (b) True
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) run by directors
11. 11.A small business sells 60 bags of popcorn at ₹20 each. Its costs are ₹810. What is its profit (in ₹)?
12. 12.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.A small business sells 34 glasses of chai at ₹50 each. Its costs are ₹400. What is its profit (in ₹)?
16. 16.A small business sells 51 fruit cups at ₹40 each. What is its revenue (in ₹)?
17. 17.A small business sells 27 potted plants at ₹25 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
19. 19.A small business sells 43 handmade cards at ₹10 each. What is its revenue (in ₹)?
20. 20.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
21. 21.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
22. 22.A small business sells 15 jute bags at ₹15 each. Its costs are ₹80. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
24. 24.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) simplest to start (d) owner owes the debts
25. 25.A small business sells 31 paper bookmarks at ₹20 each. Its costs are ₹530. What is its profit (in ₹)?
26. 26.A small business selling painted pebbles had a revenue of ₹980 and a profit of ₹800. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
28. 28.A small business selling jute bags had a revenue of ₹1040 and a profit of ₹600. What were its costs (in ₹)?
29. 29.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
30. 30.A small business selling jute bags had a revenue of ₹1110 and a profit of ₹280. 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.True or false: “one owner runs it” is true of a company. (a) False (b) True
33. 33.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
34. 34.True or false: “simplest to start” is true of a company. (a) False (b) True
35. 35.A small business sells 17 glasses of chai at ₹50 each. What is its revenue (in ₹)?
36. 36.A small business sells 30 handmade cards at ₹45 each. What is its revenue (in ₹)?
37. 37.A small business sells 15 glasses of chai at ₹35 each. Its costs are ₹360. What is its profit (in ₹)?
38. 38.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
39. 39.A small business selling glasses of chai had a revenue of ₹980 and a profit of ₹320. What were its costs (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a company. (a) False (b) True

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