Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 421 · 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.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
3. 3.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
4. 4.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
5. 5.A small business sells 52 cupcakes at ₹20 each. Its costs are ₹940. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
8. 8.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) a separate legal body
9. 9.A small business sells 12 glasses of chai at ₹35 each. What is its revenue (in ₹)?
10. 10.A small business selling glasses of chai had a revenue of ₹470 and a profit of ₹370. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) simplest to start (d) owned by shareholders
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.A small business sells 14 painted pebbles at ₹25 each. What is its revenue (in ₹)?
15. 15.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
16. 16.A small business selling cups of lemonade had a revenue of ₹360 and a profit of ₹260. What were its costs (in ₹)?
17. 17.A small business selling cups of lemonade had a revenue of ₹210 and a profit of ₹190. What were its costs (in ₹)?
18. 18.A small business sells 22 friendship bands at ₹30 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner keeps all profit
20. 20.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
21. 21.A small business sells 19 clay diyas at ₹40 each. Its costs are ₹720. What is its profit (in ₹)?
22. 22.A small business sells 60 handmade cards at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
24. 24.A small business sells 31 paper bookmarks at ₹20 each. Its costs are ₹30. What is its profit (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) a separate legal body
26. 26.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
27. 27.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
28. 28.A small business sells 14 glasses of chai at ₹50 each. What is its revenue (in ₹)?
29. 29.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
30. 30.A small business selling cups of lemonade had a revenue of ₹195 and a profit of ₹75. What were its costs (in ₹)?
31. 31.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
32. 32.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
33. 33.A small business selling glasses of chai had a revenue of ₹900 and a profit of ₹230. What were its costs (in ₹)?
34. 34.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
35. 35.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
36. 36.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) run by directors
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
38. 38.A small business sells 30 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
40. 40.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False

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