Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 461 · 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: “run by directors” is true of a company. (a) False (b) True
2. 2.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
3. 3.A small business sells 19 cups of lemonade at ₹30 each. Its costs are ₹370. What is its profit (in ₹)?
4. 4.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
5. 5.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) one owner runs it (d) simplest to start
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) a separate legal body
7. 7.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
8. 8.A small business sells 52 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
9. 9.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
10. 10.A small business selling handmade cards had a revenue of ₹2000 and a profit of ₹1220. What were its costs (in ₹)?
11. 11.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
12. 12.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
13. 13.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
16. 16.A small business sells 10 glasses of chai at ₹10 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
18. 18.A small business sells 12 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
19. 19.True or false: “simplest to start” is true of a company. (a) True (b) False
20. 20.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
21. 21.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
22. 22.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
23. 23.A small business sells 24 glasses of chai at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
24. 24.A small business sells 60 fruit cups at ₹45 each. Its costs are ₹1180. What is its profit (in ₹)?
25. 25.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
26. 26.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owner owes the debts (d) a separate legal body
27. 27.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
29. 29.A small business selling fruit cups had a revenue of ₹490 and a profit of ₹310. What were its costs (in ₹)?
30. 30.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
31. 31.A small business selling paper bookmarks had a revenue of ₹260 and a profit of ₹170. What were its costs (in ₹)?
32. 32.A small business selling friendship bands had a revenue of ₹240 and a profit of ₹90. What were its costs (in ₹)?
33. 33.A small business sells 56 jute bags at ₹45 each. Its costs are ₹660. What is its profit (in ₹)?
34. 34.A small business selling glasses of chai had a revenue of ₹215 and a profit of ₹205. What were its costs (in ₹)?
35. 35.A small business sells 31 clay diyas at ₹25 each. What is its revenue (in ₹)?
36. 36.A small business sells 39 potted plants at ₹5 each. What is its revenue (in ₹)?
37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
38. 38.A small business selling potted plants had a revenue of ₹880 and a profit of ₹320. What were its costs (in ₹)?
39. 39.A small business sells 21 painted pebbles at ₹40 each. What is its revenue (in ₹)?
40. 40.A small business sells 25 potted plants at ₹15 each. What is its revenue (in ₹)?

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