Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 558 · 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) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
2. 2.A small business selling painted pebbles had a revenue of ₹800 and a profit of ₹710. What were its costs (in ₹)?
3. 3.True or false: “run by directors” is true of a sole trader. (a) False (b) True
4. 4.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
5. 5.A small business selling cupcakes had a revenue of ₹1260 and a profit of ₹1160. What were its costs (in ₹)?
6. 6.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
7. 7.A small business selling fruit cups had a revenue of ₹120 and a profit of ₹50. What were its costs (in ₹)?
8. 8.A small business sells 55 potted plants at ₹35 each. What is its revenue (in ₹)?
9. 9.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
10. 10.A small business selling handmade cards had a revenue of ₹310 and a profit of ₹130. What were its costs (in ₹)?
11. 11.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
12. 12.A small business sells 35 jute bags at ₹10 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
14. 14.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
15. 15.A small business sells 54 cupcakes at ₹20 each. Its costs are ₹240. What is its profit (in ₹)?
16. 16.A small business selling clay diyas had a revenue of ₹1000 and a profit of ₹760. What were its costs (in ₹)?
17. 17.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
18. 18.A small business sells 42 cupcakes at ₹35 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
20. 20.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
21. 21.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
22. 22.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
24. 24.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) one owner runs it
25. 25.A small business sells 13 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
26. 26.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
27. 27.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
28. 28.A small business selling cups of lemonade had a revenue of ₹2700 and a profit of ₹940. What were its costs (in ₹)?
29. 29.A small business sells 10 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
30. 30.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
31. 31.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
32. 32.A small business selling paper bookmarks had a revenue of ₹660 and a profit of ₹150. What were its costs (in ₹)?
33. 33.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
34. 34.A small business sells 41 painted pebbles at ₹10 each. Its costs are ₹160. What is its profit (in ₹)?
35. 35.A small business sells 14 fruit cups at ₹35 each. What is its revenue (in ₹)?
36. 36.A small business selling cups of lemonade had a revenue of ₹2295 and a profit of ₹1345. What were its costs (in ₹)?
37. 37.A small business sells 38 glasses of chai at ₹50 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
39. 39.A small business sells 14 paper bookmarks at ₹25 each. Its costs are ₹110. What is its profit (in ₹)?
40. 40.A small business sells 60 glasses of chai at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?

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