Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 303 · 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 10 bags of popcorn at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
2. 2.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
3. 3.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
4. 4.True or false: “simplest to start” is true of a company. (a) False (b) True
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
7. 7.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) owner owes the debts
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
11. 11.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
12. 12.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
13. 13.A small business sells 28 friendship bands at ₹10 each. What is its revenue (in ₹)?
14. 14.A small business selling jute bags had a revenue of ₹600 and a profit of ₹190. What were its costs (in ₹)?
15. 15.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
16. 16.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
17. 17.A small business sells 24 cups of lemonade at ₹35 each. Its costs are ₹220. What is its profit (in ₹)?
18. 18.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
19. 19.A small business sells 57 paper bookmarks at ₹20 each. Its costs are ₹460. What is its profit (in ₹)?
20. 20.A small business sells 11 glasses of chai at ₹50 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.A small business selling potted plants had a revenue of ₹440 and a profit of ₹360. What were its costs (in ₹)?
24. 24.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
25. 25.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
26. 26.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
27. 27.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
28. 28.A small business sells 43 glasses of chai at ₹20 each. What is its revenue (in ₹)?
29. 29.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
30. 30.A small business sells 51 handmade cards at ₹5 each. Its costs are ₹210. What is its profit (in ₹)?
31. 31.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
33. 33.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) one owner runs it (d) run by directors
34. 34.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
35. 35.A small business sells 50 jute bags at ₹30 each. Its costs are ₹580. What is its profit (in ₹)?
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) run by directors
37. 37.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
38. 38.A small business sells 44 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
39. 39.A small business selling bags of popcorn had a revenue of ₹1710 and a profit of ₹480. What were its costs (in ₹)?
40. 40.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) owned by shareholders (d) a separate legal body

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