Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 56 · 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 company (b) a sole trader
2. 2.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
3. 3.A small business sells 45 fruit cups at ₹20 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.A small business sells 59 glasses of chai at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
7. 7.A small business selling fruit cups had a revenue of ₹1500 and a profit of ₹990. What were its costs (in ₹)?
8. 8.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
9. 9.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) owners’ risk is limited
10. 10.A small business sells 44 potted plants at ₹20 each. What is its revenue (in ₹)?
11. 11.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
12. 12.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
13. 13.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
14. 14.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
15. 15.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
16. 16.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
17. 17.A small business selling paper bookmarks had a revenue of ₹290 and a profit of ₹240. What were its costs (in ₹)?
18. 18.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
19. 19.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
20. 20.A small business sells 60 glasses of chai at ₹40 each. Its costs are ₹1500. What is its profit (in ₹)?
21. 21.True or false: “one owner runs it” is true of a company. (a) True (b) False
22. 22.A small business selling cupcakes had a revenue of ₹560 and a profit of ₹80. What were its costs (in ₹)?
23. 23.A small business sells 50 friendship bands at ₹10 each. What is its revenue (in ₹)?
24. 24.A small business sells 11 paper bookmarks at ₹25 each. Its costs are ₹180. What is its profit (in ₹)?
25. 25.A small business selling potted plants had a revenue of ₹1225 and a profit of ₹105. What were its costs (in ₹)?
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) one owner runs it
27. 27.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
28. 28.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
29. 29.A small business selling fruit cups had a revenue of ₹495 and a profit of ₹315. What were its costs (in ₹)?
30. 30.A small business selling painted pebbles had a revenue of ₹1650 and a profit of ₹1160. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
32. 32.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owned by shareholders (d) owner owes the debts
33. 33.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
34. 34.A small business selling handmade cards had a revenue of ₹825 and a profit of ₹635. What were its costs (in ₹)?
35. 35.A small business sells 53 cups of lemonade at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
36. 36.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
37. 37.A small business sells 37 glasses of chai at ₹10 each. Its costs are ₹220. What is its profit (in ₹)?
38. 38.A small business sells 55 clay diyas at ₹25 each. Its costs are ₹790. What is its profit (in ₹)?
39. 39.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader

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