Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 600 · 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 or profit: goes up if costs fall? (a) revenue (b) profit
2. 2.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
3. 3.A small business sells 38 clay diyas at ₹35 each. Its costs are ₹540. What is its profit (in ₹)?
4. 4.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
5. 5.A small business selling handmade cards had a revenue of ₹960 and a profit of ₹750. What were its costs (in ₹)?
6. 6.A small business selling paper bookmarks had a revenue of ₹1360 and a profit of ₹990. What were its costs (in ₹)?
7. 7.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
8. 8.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
9. 9.True or false: “one owner runs it” is true of a company. (a) True (b) False
10. 10.A small business sells 19 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
11. 11.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) run by directors (d) a separate legal body
12. 12.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
13. 13.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
14. 14.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
15. 15.A small business sells 24 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
16. 16.A small business selling bags of popcorn had a revenue of ₹255 and a profit of ₹25. What were its costs (in ₹)?
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owners’ risk is limited
18. 18.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
19. 19.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
20. 20.A small business selling paper bookmarks had a revenue of ₹280 and a profit of ₹270. What were its costs (in ₹)?
21. 21.A small business sells 34 clay diyas at ₹30 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
23. 23.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
25. 25.True or false: “owner owes the debts” is true of a company. (a) False (b) True
26. 26.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
27. 27.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
28. 28.A small business selling cups of lemonade had a revenue of ₹480 and a profit of ₹270. What were its costs (in ₹)?
29. 29.A small business sells 39 fruit cups at ₹30 each. What is its revenue (in ₹)?
30. 30.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
31. 31.A small business selling fruit cups had a revenue of ₹2000 and a profit of ₹670. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
33. 33.True or false: “a separate legal body” is true of a company. (a) True (b) False
34. 34.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 42 bags of popcorn at ₹5 each. Its costs are ₹150. What is its profit (in ₹)?
36. 36.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
38. 38.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
39. 39.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
40. 40.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner keeps all profit (d) simplest to start

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