Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 223 · 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.A small business sells 14 cups of lemonade at ₹35 each. Its costs are ₹230. What is its profit (in ₹)?
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
3. 3.A small business sells 26 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
5. 5.A small business sells 11 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
6. 6.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
7. 7.A small business sells 15 paper bookmarks at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
9. 9.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
10. 10.📜 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
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.A small business selling handmade cards had a revenue of ₹1320 and a profit of ₹100. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) simplest to start
15. 15.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) simplest to start (d) owner keeps all profit
16. 16.A small business selling potted plants had a revenue of ₹55 and a profit of ₹35. What were its costs (in ₹)?
17. 17.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) one owner runs it
19. 19.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
20. 20.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) run by directors
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
22. 22.A small business sells 58 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
23. 23.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
25. 25.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
26. 26.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
27. 27.A small business sells 56 fruit cups at ₹5 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
29. 29.A small business selling bags of popcorn had a revenue of ₹525 and a profit of ₹415. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
31. 31.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
32. 32.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
33. 33.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
34. 34.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
35. 35.A small business selling cupcakes had a revenue of ₹110 and a profit of ₹40. What were its costs (in ₹)?
36. 36.A small business sells 36 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
38. 38.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) simplest to start
39. 39.True or false: “run by directors” is true of a company. (a) True (b) False
40. 40.A small business sells 30 glasses of chai at ₹35 each. Its costs are ₹40. What is its profit (in ₹)?

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