Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 362 · 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 sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
2. 2.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
4. 4.A small business selling cups of lemonade had a revenue of ₹160 and a profit of ₹80. What were its costs (in ₹)?
5. 5.A small business sells 19 bags of popcorn at ₹45 each. Its costs are ₹730. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
7. 7.A small business sells 58 friendship bands at ₹5 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) one owner runs it
9. 9.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
10. 10.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
12. 12.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
13. 13.A small business selling paper bookmarks had a revenue of ₹160 and a profit of ₹30. What were its costs (in ₹)?
14. 14.A small business sells 48 cupcakes at ₹40 each. What is its revenue (in ₹)?
15. 15.A small business sells 45 friendship bands at ₹40 each. What is its revenue (in ₹)?
16. 16.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
17. 17.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
18. 18.A small business selling glasses of chai had a revenue of ₹540 and a profit of ₹370. What were its costs (in ₹)?
19. 19.A small business selling glasses of chai had a revenue of ₹235 and a profit of ₹205. What were its costs (in ₹)?
20. 20.A small business sells 13 glasses of chai at ₹10 each. What is its revenue (in ₹)?
21. 21.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
23. 23.A small business sells 54 glasses of chai at ₹25 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
26. 26.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 41 jute bags at ₹20 each. Its costs are ₹530. What is its profit (in ₹)?
28. 28.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
29. 29.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
30. 30.A small business sells 39 friendship bands at ₹30 each. Its costs are ₹470. What is its profit (in ₹)?
31. 31.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
32. 32.A small business sells 15 cups of lemonade at ₹35 each. Its costs are ₹340. What is its profit (in ₹)?
33. 33.A small business sells 51 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) simplest to start
35. 35.A small business selling cupcakes had a revenue of ₹240 and a profit of ₹10. What were its costs (in ₹)?
36. 36.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
37. 37.A small business sells 39 potted plants at ₹50 each. Its costs are ₹1190. What is its profit (in ₹)?
38. 38.True or false: “run by directors” is true of a company. (a) False (b) True
39. 39.A small business sells 51 friendship bands at ₹25 each. What is its revenue (in ₹)?
40. 40.A small business selling glasses of chai had a revenue of ₹1710 and a profit of ₹330. What were its costs (in ₹)?

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