Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 592 · 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.A small business sells 24 bags of popcorn at ₹15 each. Its costs are ₹240. What is its profit (in ₹)?
2. 2.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
3. 3.A small business selling friendship bands had a revenue of ₹2360 and a profit of ₹220. What were its costs (in ₹)?
4. 4.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
5. 5.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
7. 7.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner keeps all profit (d) a separate legal body
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) simplest to start
9. 9.True or false: “one owner runs it” is true of a company. (a) True (b) False
10. 10.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) simplest to start
11. 11.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
12. 12.A small business selling potted plants had a revenue of ₹140 and a profit of ₹120. What were its costs (in ₹)?
13. 13.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
15. 15.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
16. 16.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
17. 17.A small business sells 16 glasses of chai at ₹15 each. Its costs are ₹190. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
19. 19.A small business selling fruit cups had a revenue of ₹1960 and a profit of ₹710. What were its costs (in ₹)?
20. 20.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
21. 21.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
22. 22.A small business sells 16 clay diyas at ₹35 each. What is its revenue (in ₹)?
23. 23.True or false: “a separate legal body” is true of a company. (a) True (b) False
24. 24.A small business selling friendship bands had a revenue of ₹455 and a profit of ₹75. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
26. 26.A small business sells 11 glasses of chai at ₹45 each. Its costs are ₹170. What is its profit (in ₹)?
27. 27.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
28. 28.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
29. 29.A small business sells 36 glasses of chai at ₹35 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
32. 32.A small business sells 59 glasses of chai at ₹20 each. Its costs are ₹1080. What is its profit (in ₹)?
33. 33.A small business sells 20 fruit cups at ₹10 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
35. 35.A small business sells 44 friendship bands at ₹45 each. What is its revenue (in ₹)?
36. 36.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
37. 37.📜 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
38. 38.A small business sells 54 painted pebbles at ₹10 each. Its costs are ₹390. What is its profit (in ₹)?
39. 39.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
40. 40.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit

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