Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 113 · 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.A small business sells 45 cupcakes at ₹45 each. Its costs are ₹1330. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
3. 3.A small business sells 24 jute bags at ₹25 each. Its costs are ₹370. What is its profit (in ₹)?
4. 4.A small business sells 42 cups of lemonade at ₹25 each. Its costs are ₹1020. What is its profit (in ₹)?
5. 5.True or false: “a separate legal body” is true of a company. (a) False (b) True
6. 6.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
7. 7.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
8. 8.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
9. 9.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
10. 10.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
11. 11.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
12. 12.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.A small business sells 58 glasses of chai at ₹40 each. What is its revenue (in ₹)?
15. 15.True or false: “run by directors” is true of a sole trader. (a) False (b) True
16. 16.A small business sells 24 clay diyas at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?
17. 17.A small business sells 15 cupcakes at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
19. 19.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
20. 20.A small business sells 54 fruit cups at ₹40 each. What is its revenue (in ₹)?
21. 21.A small business sells 56 clay diyas at ₹40 each. Its costs are ₹80. What is its profit (in ₹)?
22. 22.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) simplest to start
23. 23.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
25. 25.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
26. 26.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
27. 27.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
28. 28.A small business selling handmade cards had a revenue of ₹95 and a profit of ₹75. What were its costs (in ₹)?
29. 29.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
30. 30.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
31. 31.A small business sells 40 fruit cups at ₹50 each. Its costs are ₹630. What is its profit (in ₹)?
32. 32.A small business selling cups of lemonade had a revenue of ₹1240 and a profit of ₹970. What were its costs (in ₹)?
33. 33.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
34. 34.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
35. 35.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
36. 36.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
37. 37.True or false: “owner owes the debts” is true of a company. (a) False (b) True
38. 38.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) one owner runs it
39. 39.A small business sells 25 glasses of chai at ₹50 each. What is its revenue (in ₹)?
40. 40.A small business sells 27 glasses of chai at ₹25 each. What is its revenue (in ₹)?

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