Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 292 · 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.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
2. 2.A small business sells 55 fruit cups at ₹20 each. Its costs are ₹590. What is its profit (in ₹)?
3. 3.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
4. 4.A small business sells 58 jute bags at ₹50 each. What is its revenue (in ₹)?
5. 5.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
6. 6.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) owner keeps all profit
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
9. 9.A small business sells 52 potted plants at ₹5 each. What is its revenue (in ₹)?
10. 10.A small business selling friendship bands had a revenue of ₹1640 and a profit of ₹1320. What were its costs (in ₹)?
11. 11.A small business sells 32 friendship bands at ₹40 each. Its costs are ₹970. What is its profit (in ₹)?
12. 12.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) one owner runs it (d) simplest to start
13. 13.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
14. 14.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
15. 15.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
16. 16.A small business sells 32 potted plants at ₹25 each. Its costs are ₹650. What is its profit (in ₹)?
17. 17.A small business sells 42 friendship bands at ₹5 each. What is its revenue (in ₹)?
18. 18.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
19. 19.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
20. 20.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
21. 21.A small business sells 20 jute bags at ₹30 each. What is its revenue (in ₹)?
22. 22.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
23. 23.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
24. 24.A small business selling jute bags had a revenue of ₹620 and a profit of ₹200. What were its costs (in ₹)?
25. 25.A small business sells 42 cups of lemonade at ₹10 each. Its costs are ₹410. What is its profit (in ₹)?
26. 26.A small business selling paper bookmarks had a revenue of ₹500 and a profit of ₹360. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
28. 28.A small business sells 45 cups of lemonade at ₹50 each. Its costs are ₹1150. What is its profit (in ₹)?
29. 29.A small business selling glasses of chai had a revenue of ₹1250 and a profit of ₹1220. What were its costs (in ₹)?
30. 30.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
31. 31.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
32. 32.A small business sells 60 bags of popcorn at ₹15 each. Its costs are ₹360. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
34. 34.True or false: “simplest to start” is true of a company. (a) True (b) False
35. 35.A small business sells 25 fruit cups at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
36. 36.A small business selling cups of lemonade had a revenue of ₹805 and a profit of ₹575. What were its costs (in ₹)?
37. 37.A small business selling handmade cards had a revenue of ₹65 and a profit of ₹45. What were its costs (in ₹)?
38. 38.A small business sells 29 fruit cups at ₹40 each. What is its revenue (in ₹)?
39. 39.True or false: “run by directors” is true of a company. (a) True (b) False
40. 40.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) owners’ risk is limited

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