Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 38 · 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.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
2. 2.A small business sells 29 glasses of chai at ₹30 each. What is its revenue (in ₹)?
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
4. 4.🎂 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
5. 5.A small business sells 19 bags of popcorn at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
6. 6.True or false: “run by directors” is true of a company. (a) True (b) False
7. 7.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
8. 8.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
9. 9.True or false: “owned by shareholders” is true of a company. (a) False (b) True
10. 10.A small business sells 59 jute bags at ₹10 each. What is its revenue (in ₹)?
11. 11.A small business selling cups of lemonade had a revenue of ₹2475 and a profit of ₹2285. What were its costs (in ₹)?
12. 12.True or false: “run by directors” is true of a sole trader. (a) True (b) False
13. 13.A small business sells 52 cups of lemonade at ₹30 each. Its costs are ₹910. What is its profit (in ₹)?
14. 14.A small business selling cupcakes had a revenue of ₹2050 and a profit of ₹450. What were its costs (in ₹)?
15. 15.A small business selling clay diyas had a revenue of ₹265 and a profit of ₹205. What were its costs (in ₹)?
16. 16.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) simplest to start
17. 17.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
18. 18.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
19. 19.A small business sells 38 paper bookmarks at ₹25 each. Its costs are ₹610. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
21. 21.A small business sells 14 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
22. 22.A small business sells 25 handmade cards at ₹5 each. What is its revenue (in ₹)?
23. 23.A small business sells 30 painted pebbles at ₹5 each. What is its revenue (in ₹)?
24. 24.A small business selling cupcakes had a revenue of ₹195 and a profit of ₹105. What were its costs (in ₹)?
25. 25.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
27. 27.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
29. 29.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
30. 30.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) one owner runs it
31. 31.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
32. 32.A small business selling cupcakes had a revenue of ₹1475 and a profit of ₹1355. What were its costs (in ₹)?
33. 33.A small business sells 15 painted pebbles at ₹10 each. What is its revenue (in ₹)?
34. 34.True or false: “a separate legal body” is true of a company. (a) True (b) False
35. 35.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
36. 36.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) run by directors
37. 37.A small business sells 34 jute bags at ₹5 each. What is its revenue (in ₹)?
38. 38.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
39. 39.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
40. 40.A small business sells 23 bags of popcorn at ₹35 each. Its costs are ₹60. What is its profit (in ₹)?

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