Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 507 · 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: simplest to start? (a) a sole trader (b) a company
2. 2.A small business sells 23 cupcakes at ₹35 each. Its costs are ₹10. What is its profit (in ₹)?
3. 3.A small business sells 50 friendship bands at ₹20 each. What is its revenue (in ₹)?
4. 4.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
5. 5.A small business sells 36 bags of popcorn at ₹45 each. Its costs are ₹660. What is its profit (in ₹)?
6. 6.A small business sells 19 glasses of chai at ₹30 each. What is its revenue (in ₹)?
7. 7.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) run by directors
9. 9.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
10. 10.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
11. 11.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
12. 12.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
15. 15.A small business sells 48 glasses of chai at ₹25 each. What is its revenue (in ₹)?
16. 16.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
17. 17.A small business sells 52 cups of lemonade at ₹35 each. Its costs are ₹590. What is its profit (in ₹)?
18. 18.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
19. 19.Which of these is true of a company? (a) run by directors (b) simplest to start (c) one owner runs it (d) owner keeps all profit
20. 20.A small business selling friendship bands had a revenue of ₹950 and a profit of ₹20. What were its costs (in ₹)?
21. 21.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
22. 22.True or false: “one owner runs it” is true of a company. (a) False (b) True
23. 23.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.A small business selling cups of lemonade had a revenue of ₹780 and a profit of ₹100. What were its costs (in ₹)?
26. 26.A small business selling glasses of chai had a revenue of ₹1100 and a profit of ₹790. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
28. 28.True or false: “simplest to start” is true of a company. (a) False (b) True
29. 29.A small business selling friendship bands had a revenue of ₹240 and a profit of ₹130. What were its costs (in ₹)?
30. 30.True or false: “a separate legal body” is true of a company. (a) False (b) True
31. 31.True or false: “run by directors” is true of a company. (a) False (b) True
32. 32.A small business selling clay diyas had a revenue of ₹1840 and a profit of ₹840. What were its costs (in ₹)?
33. 33.A small business sells 29 handmade cards at ₹15 each. Its costs are ₹350. What is its profit (in ₹)?
34. 34.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
35. 35.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
36. 36.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
37. 37.A small business selling fruit cups had a revenue of ₹330 and a profit of ₹160. What were its costs (in ₹)?
38. 38.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) simplest to start
39. 39.A small business sells 53 paper bookmarks at ₹35 each. Its costs are ₹540. What is its profit (in ₹)?
40. 40.A small business sells 35 bags of popcorn at ₹25 each. Its costs are ₹820. What is its profit (in ₹)?

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