Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 169 · 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.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
2. 2.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
3. 3.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
4. 4.True or false: “a separate legal body” is true of a company. (a) False (b) True
5. 5.True or false: “owner owes the debts” is true of a company. (a) False (b) True
6. 6.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
7. 7.A small business sells 12 cups of lemonade at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
11. 11.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
12. 12.A small business selling paper bookmarks had a revenue of ₹200 and a profit of ₹190. What were its costs (in ₹)?
13. 13.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
14. 14.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
15. 15.A small business sells 11 glasses of chai at ₹35 each. Its costs are ₹240. What is its profit (in ₹)?
16. 16.A small business sells 58 jute bags at ₹15 each. Its costs are ₹290. What is its profit (in ₹)?
17. 17.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 46 jute bags at ₹20 each. Its costs are ₹670. What is its profit (in ₹)?
19. 19.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
20. 20.A small business sells 55 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) run by directors
23. 23.A small business selling clay diyas had a revenue of ₹1215 and a profit of ₹675. What were its costs (in ₹)?
24. 24.A small business selling friendship bands had a revenue of ₹490 and a profit of ₹420. What were its costs (in ₹)?
25. 25.A small business sells 52 cupcakes at ₹5 each. What is its revenue (in ₹)?
26. 26.A small business selling friendship bands had a revenue of ₹190 and a profit of ₹120. What were its costs (in ₹)?
27. 27.True or false: “one owner runs it” is true of a company. (a) True (b) False
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner owes the debts
29. 29.A small business selling jute bags had a revenue of ₹275 and a profit of ₹65. What were its costs (in ₹)?
30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
31. 31.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
32. 32.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
33. 33.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
34. 34.A small business sells 40 potted plants at ₹35 each. Its costs are ₹890. What is its profit (in ₹)?
35. 35.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
36. 36.A small business selling clay diyas had a revenue of ₹235 and a profit of ₹65. What were its costs (in ₹)?
37. 37.A small business sells 52 jute bags at ₹5 each. What is its revenue (in ₹)?
38. 38.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
39. 39.A small business sells 39 cupcakes at ₹30 each. What is its revenue (in ₹)?
40. 40.A small business selling cupcakes had a revenue of ₹1305 and a profit of ₹115. What were its costs (in ₹)?

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