Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 112 · 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: money in before costs? (a) profit (b) revenue
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
4. 4.A small business sells 15 jute bags at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
5. 5.A small business sells 20 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
7. 7.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
8. 8.True or false: “a separate legal body” is true of a company. (a) True (b) False
9. 9.A small business selling friendship bands had a revenue of ₹270 and a profit of ₹190. What were its costs (in ₹)?
10. 10.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
11. 11.A small business sells 33 fruit cups at ₹35 each. What is its revenue (in ₹)?
12. 12.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
13. 13.A small business selling friendship bands had a revenue of ₹1040 and a profit of ₹970. What were its costs (in ₹)?
14. 14.A small business selling glasses of chai had a revenue of ₹1085 and a profit of ₹605. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
16. 16.📜 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
17. 17.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
18. 18.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
19. 19.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
20. 20.A small business sells 55 glasses of chai at ₹20 each. What is its revenue (in ₹)?
21. 21.A small business sells 49 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
23. 23.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
24. 24.A small business sells 32 painted pebbles at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
25. 25.True or false: “one owner runs it” is true of a company. (a) True (b) False
26. 26.A small business selling glasses of chai had a revenue of ₹800 and a profit of ₹470. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
28. 28.A small business sells 50 glasses of chai at ₹5 each. What is its revenue (in ₹)?
29. 29.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
31. 31.A small business sells 30 cups of lemonade at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
32. 32.A small business sells 28 handmade cards at ₹15 each. Its costs are ₹280. What is its profit (in ₹)?
33. 33.A small business sells 31 jute bags at ₹20 each. Its costs are ₹140. What is its profit (in ₹)?
34. 34.A small business selling handmade cards had a revenue of ₹320 and a profit of ₹290. What were its costs (in ₹)?
35. 35.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
36. 36.True or false: “run by directors” is true of a sole trader. (a) False (b) True
37. 37.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 22 potted plants at ₹25 each. Its costs are ₹280. What is its profit (in ₹)?
39. 39.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
40. 40.True or false: “run by directors” is true of a company. (a) True (b) False

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