Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 5 · 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.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) one owner runs it
2. 2.A small business selling potted plants had a revenue of ₹1350 and a profit of ₹1340. What were its costs (in ₹)?
3. 3.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
4. 4.A small business sells 36 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
7. 7.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
8. 8.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
9. 9.True or false: “simplest to start” is true of a company. (a) True (b) False
10. 10.A small business sells 27 potted plants at ₹40 each. Its costs are ₹620. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
12. 12.A small business sells 20 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
13. 13.A small business sells 11 cupcakes at ₹5 each. What is its revenue (in ₹)?
14. 14.A small business sells 15 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
15. 15.A small business sells 32 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
16. 16.A small business sells 41 cupcakes at ₹50 each. Its costs are ₹1020. What is its profit (in ₹)?
17. 17.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
18. 18.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
19. 19.True or false: “a separate legal body” is true of a company. (a) True (b) False
20. 20.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
21. 21.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
22. 22.A small business sells 47 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
23. 23.A small business sells 32 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
25. 25.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
26. 26.A small business sells 13 potted plants at ₹20 each. Its costs are ₹20. What is its profit (in ₹)?
27. 27.A small business sells 55 fruit cups at ₹45 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) simplest to start
29. 29.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
30. 30.A small business sells 17 clay diyas at ₹5 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) owners’ risk is limited
32. 32.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
33. 33.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
34. 34.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
35. 35.A small business sells 36 glasses of chai at ₹50 each. What is its revenue (in ₹)?
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
37. 37.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
38. 38.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
39. 39.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner owes the debts
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False

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