Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 118 · 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: revenue minus costs? (a) revenue (b) profit
2. 2.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
3. 3.True or false: “a separate legal body” is true of a company. (a) False (b) True
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
5. 5.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
6. 6.A small business sells 47 friendship bands at ₹40 each. What is its revenue (in ₹)?
7. 7.🎂 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
8. 8.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts
9. 9.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
10. 10.A small business sells 18 painted pebbles at ₹45 each. Its costs are ₹600. What is its profit (in ₹)?
11. 11.A small business selling glasses of chai had a revenue of ₹640 and a profit of ₹370. What were its costs (in ₹)?
12. 12.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
13. 13.A small business sells 38 cups of lemonade at ₹15 each. Its costs are ₹340. What is its profit (in ₹)?
14. 14.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
15. 15.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
16. 16.A small business sells 47 fruit cups at ₹10 each. Its costs are ₹240. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
18. 18.A small business selling cupcakes had a revenue of ₹600 and a profit of ₹540. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
20. 20.A small business sells 38 handmade cards at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
21. 21.A small business sells 54 jute bags at ₹45 each. Its costs are ₹1040. What is its profit (in ₹)?
22. 22.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
23. 23.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
24. 24.True or false: “simplest to start” is true of a company. (a) True (b) False
25. 25.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
26. 26.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
27. 27.True or false: “owner owes the debts” is true of a company. (a) True (b) False
28. 28.A small business sells 29 potted plants at ₹5 each. What is its revenue (in ₹)?
29. 29.A small business sells 31 glasses of chai at ₹45 each. What is its revenue (in ₹)?
30. 30.A small business sells 54 cups of lemonade at ₹20 each. Its costs are ₹470. What is its profit (in ₹)?
31. 31.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
32. 32.A small business selling painted pebbles had a revenue of ₹880 and a profit of ₹490. What were its costs (in ₹)?
33. 33.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 55 bags of popcorn at ₹5 each. Its costs are ₹260. What is its profit (in ₹)?
35. 35.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
36. 36.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
37. 37.A small business sells 41 jute bags at ₹25 each. What is its revenue (in ₹)?
38. 38.A small business sells 33 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
39. 39.A small business sells 36 cupcakes at ₹20 each. Its costs are ₹210. What is its profit (in ₹)?
40. 40.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited

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