Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 152 · 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 27 potted plants at ₹25 each. Its costs are ₹470. What is its profit (in ₹)?
2. 2.🎂 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
3. 3.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
4. 4.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
5. 5.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owned by shareholders (d) owner keeps all profit
6. 6.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
7. 7.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
8. 8.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
9. 9.A small business sells 14 friendship bands at ₹45 each. What is its revenue (in ₹)?
10. 10.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner owes the debts
12. 12.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
13. 13.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
14. 14.A small business selling bags of popcorn had a revenue of ₹595 and a profit of ₹175. What were its costs (in ₹)?
15. 15.A small business sells 56 jute bags at ₹10 each. What is its revenue (in ₹)?
16. 16.A small business sells 56 fruit cups at ₹40 each. What is its revenue (in ₹)?
17. 17.A small business sells 10 friendship bands at ₹45 each. What is its revenue (in ₹)?
18. 18.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
19. 19.A small business sells 11 clay diyas at ₹10 each. What is its revenue (in ₹)?
20. 20.True or false: “simplest to start” is true of a company. (a) False (b) True
21. 21.A small business selling fruit cups had a revenue of ₹680 and a profit of ₹600. What were its costs (in ₹)?
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
23. 23.A small business sells 44 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
26. 26.A small business selling bags of popcorn had a revenue of ₹720 and a profit of ₹300. What were its costs (in ₹)?
27. 27.A small business sells 39 cups of lemonade at ₹30 each. Its costs are ₹520. What is its profit (in ₹)?
28. 28.True or false: “run by directors” is true of a company. (a) False (b) True
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) one owner runs it
30. 30.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
33. 33.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
34. 34.A small business selling potted plants had a revenue of ₹2650 and a profit of ₹450. What were its costs (in ₹)?
35. 35.A small business sells 55 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
36. 36.A small business sells 10 cupcakes at ₹45 each. What is its revenue (in ₹)?
37. 37.A small business selling potted plants had a revenue of ₹540 and a profit of ₹20. What were its costs (in ₹)?
38. 38.A small business sells 33 clay diyas at ₹40 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
40. 40.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader

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