Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 205 · 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.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
4. 4.True or false: “simplest to start” is true of a company. (a) False (b) True
5. 5.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
7. 7.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
8. 8.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
9. 9.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
10. 10.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
11. 11.A small business selling clay diyas had a revenue of ₹480 and a profit of ₹180. What were its costs (in ₹)?
12. 12.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
13. 13.A small business selling cups of lemonade had a revenue of ₹80 and a profit of ₹70. What were its costs (in ₹)?
14. 14.📜 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
15. 15.A small business sells 29 jute bags at ₹30 each. Its costs are ₹390. What is its profit (in ₹)?
16. 16.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
17. 17.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) run by directors (d) owners’ risk is limited
18. 18.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
19. 19.True or false: “owned by shareholders” is true of a company. (a) False (b) True
20. 20.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
21. 21.A small business selling clay diyas had a revenue of ₹185 and a profit of ₹95. What were its costs (in ₹)?
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
24. 24.A small business sells 15 paper bookmarks at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
25. 25.A small business sells 40 potted plants at ₹50 each. What is its revenue (in ₹)?
26. 26.A small business selling cupcakes had a revenue of ₹100 and a profit of ₹20. What were its costs (in ₹)?
27. 27.A small business sells 31 glasses of chai at ₹15 each. What is its revenue (in ₹)?
28. 28.A small business selling bags of popcorn had a revenue of ₹960 and a profit of ₹380. What were its costs (in ₹)?
29. 29.A small business sells 19 handmade cards at ₹40 each. What is its revenue (in ₹)?
30. 30.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) owner keeps all profit
31. 31.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
32. 32.A small business sells 11 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
33. 33.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
34. 34.A small business sells 42 potted plants at ₹50 each. Its costs are ₹1340. What is its profit (in ₹)?
35. 35.A small business sells 39 friendship bands at ₹5 each. What is its revenue (in ₹)?
36. 36.A small business selling cupcakes had a revenue of ₹390 and a profit of ₹280. What were its costs (in ₹)?
37. 37.True or false: “run by directors” is true of a sole trader. (a) False (b) True
38. 38.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
39. 39.A small business selling glasses of chai had a revenue of ₹1850 and a profit of ₹1270. What were its costs (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True

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