Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 420 · 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.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
2. 2.A small business sells 56 cupcakes at ₹35 each. What is its revenue (in ₹)?
3. 3.True or false: “run by directors” is true of a company. (a) False (b) True
4. 4.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
6. 6.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
7. 7.A small business selling glasses of chai had a revenue of ₹2200 and a profit of ₹730. What were its costs (in ₹)?
8. 8.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
9. 9.📜 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
10. 10.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
11. 11.A small business selling bags of popcorn had a revenue of ₹405 and a profit of ₹55. What were its costs (in ₹)?
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
13. 13.True or false: “simplest to start” is true of a company. (a) False (b) True
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) simplest to start
16. 16.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
17. 17.A small business sells 22 glasses of chai at ₹45 each. Its costs are ₹720. What is its profit (in ₹)?
18. 18.A small business sells 38 fruit cups at ₹45 each. Its costs are ₹1350. What is its profit (in ₹)?
19. 19.A small business sells 59 jute bags at ₹10 each. What is its revenue (in ₹)?
20. 20.A small business sells 26 bags of popcorn at ₹20 each. Its costs are ₹30. What is its profit (in ₹)?
21. 21.A small business sells 11 jute bags at ₹10 each. What is its revenue (in ₹)?
22. 22.A small business selling cups of lemonade had a revenue of ₹2655 and a profit of ₹1255. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
24. 24.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner owes the debts (d) simplest to start
25. 25.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
26. 26.A small business sells 46 glasses of chai at ₹5 each. What is its revenue (in ₹)?
27. 27.A small business sells 19 jute bags at ₹10 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
29. 29.A small business sells 37 glasses of chai at ₹10 each. Its costs are ₹220. What is its profit (in ₹)?
30. 30.A small business sells 50 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
31. 31.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
32. 32.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) owned by shareholders
33. 33.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) a separate legal body
34. 34.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
35. 35.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) simplest to start (d) owner owes the debts
36. 36.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
37. 37.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
38. 38.A small business sells 28 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
39. 39.A small business sells 28 friendship bands at ₹50 each. Its costs are ₹1050. What is its profit (in ₹)?
40. 40.A small business sells 38 potted plants at ₹45 each. What is its revenue (in ₹)?

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