Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 402 · 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 49 handmade cards at ₹35 each. What is its revenue (in ₹)?
2. 2.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
4. 4.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
5. 5.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
6. 6.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
7. 7.A small business selling bags of popcorn had a revenue of ₹225 and a profit of ₹105. What were its costs (in ₹)?
8. 8.A small business sells 47 paper bookmarks at ₹45 each. Its costs are ₹800. What is its profit (in ₹)?
9. 9.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) simplest to start (d) one owner runs it
10. 10.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
11. 11.True or false: “one owner runs it” is true of a company. (a) True (b) False
12. 12.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
13. 13.A small business sells 26 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
15. 15.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
16. 16.A small business sells 41 cupcakes at ₹40 each. Its costs are ₹850. What is its profit (in ₹)?
17. 17.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner owes the debts (d) simplest to start
18. 18.A small business sells 60 jute bags at ₹5 each. What is its revenue (in ₹)?
19. 19.A small business sells 39 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
20. 20.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
21. 21.A small business sells 11 friendship bands at ₹50 each. Its costs are ₹130. What is its profit (in ₹)?
22. 22.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
24. 24.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
25. 25.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
26. 26.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
27. 27.True or false: “owner owes the debts” is true of a company. (a) True (b) False
28. 28.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
29. 29.A small business sells 44 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
30. 30.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
31. 31.A small business sells 24 cups of lemonade at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
32. 32.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
33. 33.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
34. 34.A small business sells 10 clay diyas at ₹50 each. What is its revenue (in ₹)?
35. 35.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) simplest to start
36. 36.A small business selling cups of lemonade had a revenue of ₹255 and a profit of ₹115. What were its costs (in ₹)?
37. 37.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
38. 38.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) simplest to start (d) owned by shareholders
39. 39.A small business sells 33 bags of popcorn at ₹10 each. Its costs are ₹320. What is its profit (in ₹)?
40. 40.A small business selling bags of popcorn had a revenue of ₹540 and a profit of ₹500. What were its costs (in ₹)?

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