Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 499 · 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: owner keeps all profit? (a) a company (b) a sole trader
2. 2.A small business sells 38 painted pebbles at ₹50 each. Its costs are ₹70. What is its profit (in ₹)?
3. 3.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
4. 4.A small business selling cups of lemonade had a revenue of ₹510 and a profit of ₹140. What were its costs (in ₹)?
5. 5.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
7. 7.True or false: “owned by shareholders” is true of a company. (a) True (b) False
8. 8.A small business sells 24 paper bookmarks at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
9. 9.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
10. 10.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
11. 11.A small business sells 15 bags of popcorn at ₹25 each. Its costs are ₹20. What is its profit (in ₹)?
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner keeps all profit
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
16. 16.True or false: “one owner runs it” is true of a company. (a) False (b) True
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
19. 19.🎂 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
20. 20.A small business sells 10 fruit cups at ₹35 each. Its costs are ₹90. What is its profit (in ₹)?
21. 21.A small business selling cupcakes had a revenue of ₹1440 and a profit of ₹1100. What were its costs (in ₹)?
22. 22.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owners’ risk is limited (d) simplest to start
23. 23.A small business sells 14 friendship bands at ₹30 each. Its costs are ₹180. What is its profit (in ₹)?
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.A small business selling painted pebbles had a revenue of ₹100 and a profit of ₹30. What were its costs (in ₹)?
26. 26.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
27. 27.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
28. 28.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
29. 29.A small business sells 48 cups of lemonade at ₹5 each. Its costs are ₹220. What is its profit (in ₹)?
30. 30.A small business sells 41 handmade cards at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business sells 55 cupcakes at ₹20 each. What is its revenue (in ₹)?
32. 32.A small business selling glasses of chai had a revenue of ₹560 and a profit of ₹510. What were its costs (in ₹)?
33. 33.A small business sells 29 friendship bands at ₹15 each. What is its revenue (in ₹)?
34. 34.True or false: “a separate legal body” is true of a company. (a) False (b) True
35. 35.A small business sells 34 painted pebbles at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
36. 36.A small business selling jute bags had a revenue of ₹1400 and a profit of ₹190. What were its costs (in ₹)?
37. 37.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
38. 38.A small business sells 39 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
39. 39.A small business selling painted pebbles had a revenue of ₹1400 and a profit of ₹1300. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company

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