Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 411 · 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 18 glasses of chai at ₹25 each. What is its revenue (in ₹)?
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
3. 3.True or false: “run by directors” is true of a sole trader. (a) True (b) False
4. 4.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
5. 5.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
6. 6.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
7. 7.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
8. 8.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
9. 9.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
10. 10.True or false: “owned by shareholders” is true of a company. (a) True (b) False
11. 11.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
12. 12.A small business sells 30 clay diyas at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
13. 13.A small business sells 22 friendship bands at ₹15 each. What is its revenue (in ₹)?
14. 14.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
15. 15.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
17. 17.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
18. 18.True or false: “owner owes the debts” is true of a company. (a) True (b) False
19. 19.A small business selling clay diyas had a revenue of ₹510 and a profit of ₹260. What were its costs (in ₹)?
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
21. 21.A small business sells 44 glasses of chai at ₹15 each. Its costs are ₹620. What is its profit (in ₹)?
22. 22.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
23. 23.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
24. 24.A small business sells 13 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) a separate legal body (d) owners’ risk is limited
26. 26.A small business sells 11 glasses of chai at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
27. 27.A small business sells 47 bags of popcorn at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
28. 28.A small business sells 33 friendship bands at ₹35 each. Its costs are ₹690. What is its profit (in ₹)?
29. 29.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) run by directors (d) simplest to start
30. 30.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
31. 31.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
32. 32.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
33. 33.A small business selling cupcakes had a revenue of ₹600 and a profit of ₹110. What were its costs (in ₹)?
34. 34.A small business sells 51 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
35. 35.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
36. 36.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
37. 37.True or false: “a separate legal body” is true of a company. (a) False (b) True
38. 38.A small business selling painted pebbles had a revenue of ₹780 and a profit of ₹70. What were its costs (in ₹)?
39. 39.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
40. 40.True or false: “simplest to start” is true of a company. (a) True (b) False

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