Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 496 · 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.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) simplest to start (d) a separate legal body
3. 3.A small business selling cups of lemonade had a revenue of ₹850 and a profit of ₹200. What were its costs (in ₹)?
4. 4.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
5. 5.A small business sells 42 friendship bands at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
6. 6.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
7. 7.A small business sells 15 clay diyas at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
8. 8.A small business sells 32 potted plants at ₹15 each. What is its revenue (in ₹)?
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.A small business sells 28 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
11. 11.A small business selling friendship bands had a revenue of ₹2205 and a profit of ₹1585. What were its costs (in ₹)?
12. 12.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
13. 13.A small business selling fruit cups had a revenue of ₹65 and a profit of ₹45. What were its costs (in ₹)?
14. 14.A small business sells 44 potted plants at ₹10 each. What is its revenue (in ₹)?
15. 15.A small business sells 41 jute bags at ₹10 each. What is its revenue (in ₹)?
16. 16.A small business sells 21 cupcakes at ₹25 each. Its costs are ₹260. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
18. 18.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
19. 19.A small business sells 38 bags of popcorn at ₹50 each. Its costs are ₹540. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
21. 21.A small business selling friendship bands had a revenue of ₹1140 and a profit of ₹390. What were its costs (in ₹)?
22. 22.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
23. 23.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
24. 24.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
25. 25.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
26. 26.A small business sells 23 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
27. 27.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
28. 28.A small business sells 39 bags of popcorn at ₹25 each. Its costs are ₹240. What is its profit (in ₹)?
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
30. 30.A small business sells 24 potted plants at ₹35 each. Its costs are ₹130. What is its profit (in ₹)?
31. 31.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
32. 32.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) one owner runs it
33. 33.A small business sells 21 handmade cards at ₹15 each. What is its revenue (in ₹)?
34. 34.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
35. 35.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
36. 36.A small business sells 33 painted pebbles at ₹20 each. Its costs are ₹480. What is its profit (in ₹)?
37. 37.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
38. 38.A small business selling painted pebbles had a revenue of ₹460 and a profit of ₹100. What were its costs (in ₹)?
39. 39.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
40. 40.True or false: “owned by shareholders” is true of a company. (a) False (b) True

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