Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 440 · 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 59 painted pebbles at ₹45 each. Its costs are ₹1940. What is its profit (in ₹)?
2. 2.True or false: “run by directors” is true of a sole trader. (a) True (b) False
3. 3.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
4. 4.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
5. 5.A small business sells 10 friendship bands at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
6. 6.A small business sells 12 friendship bands at ₹35 each. What is its revenue (in ₹)?
7. 7.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
8. 8.True or false: “one owner runs it” is true of a company. (a) True (b) False
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.True or false: “a separate legal body” is true of a company. (a) True (b) False
11. 11.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
12. 12.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) simplest to start (d) one owner runs it
16. 16.A small business sells 19 cupcakes at ₹10 each. Its costs are ₹170. What is its profit (in ₹)?
17. 17.A small business sells 42 cupcakes at ₹45 each. What is its revenue (in ₹)?
18. 18.A small business sells 25 jute bags at ₹50 each. Its costs are ₹540. What is its profit (in ₹)?
19. 19.A small business sells 45 friendship bands at ₹15 each. Its costs are ₹200. What is its profit (in ₹)?
20. 20.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
21. 21.A small business sells 25 jute bags at ₹45 each. Its costs are ₹690. What is its profit (in ₹)?
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
23. 23.A small business sells 12 potted plants at ₹35 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) one owner runs it
25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
26. 26.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
27. 27.A small business sells 53 potted plants at ₹30 each. Its costs are ₹810. What is its profit (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
29. 29.A small business selling glasses of chai had a revenue of ₹1960 and a profit of ₹410. What were its costs (in ₹)?
30. 30.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
31. 31.A small business sells 10 cupcakes at ₹45 each. What is its revenue (in ₹)?
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
33. 33.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
34. 34.A small business selling cupcakes had a revenue of ₹480 and a profit of ₹50. What were its costs (in ₹)?
35. 35.A small business sells 16 friendship bands at ₹45 each. What is its revenue (in ₹)?
36. 36.A small business selling potted plants had a revenue of ₹825 and a profit of ₹485. What were its costs (in ₹)?
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
38. 38.A small business selling cups of lemonade had a revenue of ₹2610 and a profit of ₹2030. What were its costs (in ₹)?
39. 39.True or false: “owner owes the debts” is true of a company. (a) True (b) False
40. 40.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts

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