Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 177 · 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.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner keeps all profit
2. 2.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
3. 3.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
4. 4.A small business sells 20 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.A small business selling cupcakes had a revenue of ₹245 and a profit of ₹15. What were its costs (in ₹)?
8. 8.A small business sells 47 friendship bands at ₹40 each. What is its revenue (in ₹)?
9. 9.A small business selling bags of popcorn had a revenue of ₹1785 and a profit of ₹1465. What were its costs (in ₹)?
10. 10.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
11. 11.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner owes the debts
12. 12.A small business selling cups of lemonade had a revenue of ₹950 and a profit of ₹360. What were its costs (in ₹)?
13. 13.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
14. 14.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) owners’ risk is limited
15. 15.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
17. 17.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
19. 19.A small business selling clay diyas had a revenue of ₹680 and a profit of ₹540. What were its costs (in ₹)?
20. 20.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
21. 21.A small business sells 50 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
22. 22.A small business selling handmade cards had a revenue of ₹1040 and a profit of ₹610. What were its costs (in ₹)?
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.A small business sells 19 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
26. 26.True or false: “simplest to start” is true of a company. (a) True (b) False
27. 27.📜 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
28. 28.A small business selling cups of lemonade had a revenue of ₹720 and a profit of ₹610. What were its costs (in ₹)?
29. 29.A small business selling bags of popcorn had a revenue of ₹275 and a profit of ₹235. What were its costs (in ₹)?
30. 30.A small business sells 12 jute bags at ₹25 each. Its costs are ₹150. What is its profit (in ₹)?
31. 31.A small business selling glasses of chai had a revenue of ₹1500 and a profit of ₹1030. What were its costs (in ₹)?
32. 32.A small business selling bags of popcorn had a revenue of ₹1960 and a profit of ₹1490. What were its costs (in ₹)?
33. 33.A small business selling glasses of chai had a revenue of ₹2070 and a profit of ₹1250. What were its costs (in ₹)?
34. 34.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) run by directors (d) a separate legal body
37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
38. 38.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
39. 39.A small business sells 40 glasses of chai at ₹35 each. What is its revenue (in ₹)?
40. 40.True or false: “simplest to start” is true of a sole trader. (a) True (b) False

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