Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 294 · 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: goes up if costs fall? (a) revenue (b) profit
2. 2.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) one owner runs it (d) simplest to start
3. 3.A small business selling glasses of chai had a revenue of ₹900 and a profit of ₹320. What were its costs (in ₹)?
4. 4.📜 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
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
8. 8.A small business selling handmade cards had a revenue of ₹140 and a profit of ₹110. What were its costs (in ₹)?
9. 9.A small business sells 26 friendship bands at ₹5 each. What is its revenue (in ₹)?
10. 10.A small business selling clay diyas had a revenue of ₹2610 and a profit of ₹170. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
12. 12.A small business sells 14 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
16. 16.A small business sells 38 fruit cups at ₹20 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owners’ risk is limited
18. 18.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner owes the debts
19. 19.A small business sells 37 friendship bands at ₹50 each. What is its revenue (in ₹)?
20. 20.A small business sells 56 cupcakes at ₹15 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
22. 22.A small business selling jute bags had a revenue of ₹1960 and a profit of ₹70. What were its costs (in ₹)?
23. 23.A small business sells 19 cups of lemonade at ₹40 each. Its costs are ₹150. What is its profit (in ₹)?
24. 24.A small business sells 37 handmade cards at ₹25 each. Its costs are ₹130. What is its profit (in ₹)?
25. 25.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
26. 26.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
27. 27.A small business selling handmade cards had a revenue of ₹1590 and a profit of ₹1220. What were its costs (in ₹)?
28. 28.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
29. 29.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
30. 30.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
31. 31.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
32. 32.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
33. 33.A small business sells 47 glasses of chai at ₹45 each. Its costs are ₹710. What is its profit (in ₹)?
34. 34.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit
35. 35.A small business sells 31 painted pebbles at ₹30 each. What is its revenue (in ₹)?
36. 36.True or false: “owner owes the debts” is true of a company. (a) False (b) True
37. 37.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) a separate legal body
38. 38.A small business selling potted plants had a revenue of ₹765 and a profit of ₹695. What were its costs (in ₹)?
39. 39.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
40. 40.A small business selling potted plants had a revenue of ₹1140 and a profit of ₹280. What were its costs (in ₹)?

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