Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 186 · 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: run by directors? (a) a company (b) a sole trader
2. 2.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
3. 3.🎂 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
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
7. 7.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
8. 8.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
9. 9.A small business selling cupcakes had a revenue of ₹1575 and a profit of ₹1315. What were its costs (in ₹)?
10. 10.A small business sells 14 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
12. 12.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
13. 13.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) owner keeps all profit (d) one owner runs it
14. 14.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) one owner runs it
15. 15.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
16. 16.A small business selling handmade cards had a revenue of ₹900 and a profit of ₹120. What were its costs (in ₹)?
17. 17.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
18. 18.A small business sells 25 jute bags at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
19. 19.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
20. 20.A small business selling painted pebbles had a revenue of ₹920 and a profit of ₹490. What were its costs (in ₹)?
21. 21.A small business sells 32 friendship bands at ₹15 each. What is its revenue (in ₹)?
22. 22.A small business sells 17 cupcakes at ₹30 each. What is its revenue (in ₹)?
23. 23.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
25. 25.A small business selling handmade cards had a revenue of ₹720 and a profit of ₹680. What were its costs (in ₹)?
26. 26.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
27. 27.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
28. 28.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
29. 29.A small business sells 36 glasses of chai at ₹25 each. Its costs are ₹440. What is its profit (in ₹)?
30. 30.A small business sells 17 cupcakes at ₹40 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
32. 32.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
33. 33.A small business sells 54 glasses of chai at ₹15 each. Its costs are ₹800. What is its profit (in ₹)?
34. 34.A small business sells 42 cupcakes at ₹50 each. What is its revenue (in ₹)?
35. 35.True or false: “owner owes the debts” is true of a company. (a) False (b) True
36. 36.A small business sells 48 bags of popcorn at ₹5 each. Its costs are ₹140. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
38. 38.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
39. 39.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) simplest to start
40. 40.A small business sells 54 painted pebbles at ₹15 each. Its costs are ₹480. What is its profit (in ₹)?

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