Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 291 · 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.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
2. 2.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
3. 3.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
4. 4.A small business sells 34 bags of popcorn at ₹40 each. Its costs are ₹860. What is its profit (in ₹)?
5. 5.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
6. 6.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
9. 9.True or false: “run by directors” is true of a sole trader. (a) True (b) False
10. 10.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
11. 11.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.A small business selling glasses of chai had a revenue of ₹210 and a profit of ₹130. What were its costs (in ₹)?
15. 15.True or false: “simplest to start” is true of a company. (a) False (b) True
16. 16.A small business sells 59 glasses of chai at ₹25 each. Its costs are ₹80. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) a separate legal body
20. 20.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
21. 21.A small business selling friendship bands had a revenue of ₹1305 and a profit of ₹205. What were its costs (in ₹)?
22. 22.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owners’ risk is limited (d) a separate legal body
23. 23.True or false: “run by directors” is true of a company. (a) False (b) True
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
25. 25.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
26. 26.A small business sells 25 bags of popcorn at ₹30 each. Its costs are ₹70. What is its profit (in ₹)?
27. 27.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
28. 28.A small business selling bags of popcorn had a revenue of ₹200 and a profit of ₹110. What were its costs (in ₹)?
29. 29.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
30. 30.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
31. 31.A small business sells 12 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
32. 32.A small business sells 44 painted pebbles at ₹15 each. Its costs are ₹240. What is its profit (in ₹)?
33. 33.A small business sells 39 potted plants at ₹15 each. What is its revenue (in ₹)?
34. 34.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
35. 35.A small business selling handmade cards had a revenue of ₹285 and a profit of ₹145. What were its costs (in ₹)?
36. 36.A small business sells 18 cupcakes at ₹30 each. What is its revenue (in ₹)?
37. 37.A small business sells 16 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
38. 38.A small business selling bags of popcorn had a revenue of ₹450 and a profit of ₹220. What were its costs (in ₹)?
39. 39.A small business selling cupcakes had a revenue of ₹800 and a profit of ₹620. What were its costs (in ₹)?
40. 40.A small business sells 19 fruit cups at ₹15 each. What is its revenue (in ₹)?

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