Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 208 · 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: owner owes the debts? (a) a company (b) a sole trader
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.A small business selling cups of lemonade had a revenue of ₹900 and a profit of ₹390. What were its costs (in ₹)?
4. 4.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
5. 5.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
6. 6.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
7. 7.A small business selling cups of lemonade had a revenue of ₹120 and a profit of ₹60. What were its costs (in ₹)?
8. 8.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) simplest to start (d) owner keeps all profit
9. 9.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
11. 11.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
12. 12.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
13. 13.A small business sells 53 clay diyas at ₹15 each. Its costs are ₹730. What is its profit (in ₹)?
14. 14.True or false: “owned by shareholders” is true of a company. (a) True (b) False
15. 15.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
16. 16.A small business sells 17 glasses of chai at ₹25 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
18. 18.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
19. 19.A small business sells 47 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
21. 21.A small business sells 56 potted plants at ₹30 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
23. 23.A small business sells 42 potted plants at ₹15 each. What is its revenue (in ₹)?
24. 24.A small business sells 54 friendship bands at ₹20 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
26. 26.A small business sells 24 cupcakes at ₹20 each. Its costs are ₹160. What is its profit (in ₹)?
27. 27.A small business selling paper bookmarks had a revenue of ₹1000 and a profit of ₹390. What were its costs (in ₹)?
28. 28.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
29. 29.A small business selling friendship bands had a revenue of ₹700 and a profit of ₹130. What were its costs (in ₹)?
30. 30.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
31. 31.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
33. 33.A small business sells 29 glasses of chai at ₹20 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) simplest to start (d) owner keeps all profit
35. 35.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
36. 36.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
37. 37.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) run by directors
38. 38.A small business selling glasses of chai had a revenue of ₹1480 and a profit of ₹860. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
40. 40.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner keeps all profit

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