Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 413 · 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.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
2. 2.A small business sells 53 cups of lemonade at ₹10 each. Its costs are ₹400. What is its profit (in ₹)?
3. 3.A small business selling bags of popcorn had a revenue of ₹825 and a profit of ₹645. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
5. 5.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
6. 6.A small business selling fruit cups had a revenue of ₹250 and a profit of ₹180. What were its costs (in ₹)?
7. 7.A small business sells 31 clay diyas at ₹40 each. What is its revenue (in ₹)?
8. 8.True or false: “simplest to start” is true of a company. (a) False (b) True
9. 9.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
11. 11.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
12. 12.A small business sells 13 bags of popcorn at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
13. 13.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
14. 14.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
15. 15.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
16. 16.A small business sells 37 handmade cards at ₹35 each. What is its revenue (in ₹)?
17. 17.A small business selling glasses of chai had a revenue of ₹2250 and a profit of ₹1570. What were its costs (in ₹)?
18. 18.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
19. 19.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
20. 20.A small business selling clay diyas had a revenue of ₹1960 and a profit of ₹1190. What were its costs (in ₹)?
21. 21.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
22. 22.A small business selling bags of popcorn had a revenue of ₹990 and a profit of ₹120. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
24. 24.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
25. 25.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
26. 26.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
27. 27.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) owner keeps all profit (d) one owner runs it
28. 28.True or false: “a separate legal body” is true of a company. (a) True (b) False
29. 29.A small business sells 60 paper bookmarks at ₹5 each. Its costs are ₹260. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
31. 31.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
32. 32.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
33. 33.A small business sells 33 cupcakes at ₹15 each. Its costs are ₹120. What is its profit (in ₹)?
34. 34.A small business selling cups of lemonade had a revenue of ₹2050 and a profit of ₹1500. What were its costs (in ₹)?
35. 35.A small business sells 39 handmade cards at ₹40 each. Its costs are ₹420. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) a separate legal body
38. 38.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
39. 39.A small business selling cups of lemonade had a revenue of ₹1400 and a profit of ₹590. What were its costs (in ₹)?
40. 40.A small business selling glasses of chai had a revenue of ₹270 and a profit of ₹230. What were its costs (in ₹)?

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