Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 595 · 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.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
2. 2.A small business selling handmade cards had a revenue of ₹2070 and a profit of ₹1100. What were its costs (in ₹)?
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
4. 4.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
5. 5.A small business selling friendship bands had a revenue of ₹1020 and a profit of ₹940. What were its costs (in ₹)?
6. 6.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
7. 7.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
8. 8.True or false: “a separate legal body” is true of a company. (a) True (b) False
9. 9.A small business selling cups of lemonade had a revenue of ₹315 and a profit of ₹195. What were its costs (in ₹)?
10. 10.True or false: “run by directors” is true of a company. (a) True (b) False
11. 11.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
12. 12.A small business sells 53 painted pebbles at ₹40 each. Its costs are ₹1080. What is its profit (in ₹)?
13. 13.A small business sells 21 glasses of chai at ₹25 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) run by directors
16. 16.A small business selling cups of lemonade had a revenue of ₹850 and a profit of ₹250. What were its costs (in ₹)?
17. 17.A small business sells 47 fruit cups at ₹50 each. Its costs are ₹1000. What is its profit (in ₹)?
18. 18.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) run by directors
19. 19.A small business sells 40 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
20. 20.A small business sells 47 fruit cups at ₹45 each. Its costs are ₹1180. What is its profit (in ₹)?
21. 21.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
23. 23.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
24. 24.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
25. 25.A small business sells 11 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
26. 26.True or false: “run by directors” is true of a sole trader. (a) False (b) True
27. 27.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
28. 28.A small business selling cups of lemonade had a revenue of ₹235 and a profit of ₹25. What were its costs (in ₹)?
29. 29.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) a separate legal body (d) run by directors
30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
31. 31.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
32. 32.A small business sells 21 handmade cards at ₹5 each. What is its revenue (in ₹)?
33. 33.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
34. 34.A small business sells 14 glasses of chai at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
35. 35.A small business sells 43 potted plants at ₹35 each. Its costs are ₹60. What is its profit (in ₹)?
36. 36.A small business selling potted plants had a revenue of ₹980 and a profit of ₹690. What were its costs (in ₹)?
37. 37.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
38. 38.A small business selling cups of lemonade had a revenue of ₹280 and a profit of ₹120. What were its costs (in ₹)?
39. 39.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
40. 40.A small business sells 15 clay diyas at ₹10 each. What is its revenue (in ₹)?

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