Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 538 · 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.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
2. 2.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
3. 3.A small business sells 27 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
4. 4.A small business sells 56 paper bookmarks at ₹10 each. Its costs are ₹290. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
6. 6.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
7. 7.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
8. 8.A small business sells 15 cups of lemonade at ₹20 each. Its costs are ₹200. What is its profit (in ₹)?
9. 9.True or false: “simplest to start” is true of a company. (a) True (b) False
10. 10.True or false: “run by directors” is true of a sole trader. (a) True (b) False
11. 11.True or false: “owner owes the debts” is true of a company. (a) False (b) True
12. 12.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) simplest to start (d) owners’ risk is limited
13. 13.A small business sells 31 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
14. 14.A small business selling cupcakes had a revenue of ₹90 and a profit of ₹40. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
16. 16.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
17. 17.True or false: “run by directors” is true of a company. (a) True (b) False
18. 18.A small business sells 56 fruit cups at ₹20 each. What is its revenue (in ₹)?
19. 19.A small business sells 36 painted pebbles at ₹40 each. Its costs are ₹1000. What is its profit (in ₹)?
20. 20.A small business sells 44 potted plants at ₹30 each. What is its revenue (in ₹)?
21. 21.A small business sells 31 glasses of chai at ₹45 each. Its costs are ₹200. What is its profit (in ₹)?
22. 22.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
23. 23.A small business selling jute bags had a revenue of ₹1100 and a profit of ₹800. What were its costs (in ₹)?
24. 24.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
25. 25.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
26. 26.A small business sells 53 clay diyas at ₹40 each. What is its revenue (in ₹)?
27. 27.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
28. 28.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
29. 29.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
30. 30.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
31. 31.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
33. 33.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
34. 34.A small business selling potted plants had a revenue of ₹615 and a profit of ₹475. What were its costs (in ₹)?
35. 35.A small business sells 38 glasses of chai at ₹35 each. Its costs are ₹580. What is its profit (in ₹)?
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
37. 37.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
38. 38.A small business selling friendship bands had a revenue of ₹1540 and a profit of ₹1100. What were its costs (in ₹)?
39. 39.A small business sells 23 cupcakes at ₹15 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader

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