Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 614 · 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: all money from sales? (a) profit (b) revenue
2. 2.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
3. 3.A small business sells 24 paper bookmarks at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
4. 4.A small business selling clay diyas had a revenue of ₹1080 and a profit of ₹150. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.A small business sells 45 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
7. 7.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
9. 9.A small business sells 37 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
11. 11.A small business selling glasses of chai had a revenue of ₹1180 and a profit of ₹650. What were its costs (in ₹)?
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) one owner runs it
13. 13.A small business selling handmade cards had a revenue of ₹875 and a profit of ₹265. What were its costs (in ₹)?
14. 14.A small business selling cupcakes had a revenue of ₹630 and a profit of ₹570. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
17. 17.A small business sells 58 glasses of chai at ₹30 each. What is its revenue (in ₹)?
18. 18.A small business selling cups of lemonade had a revenue of ₹455 and a profit of ₹85. What were its costs (in ₹)?
19. 19.A small business sells 17 clay diyas at ₹35 each. What is its revenue (in ₹)?
20. 20.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
22. 22.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
23. 23.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
24. 24.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner keeps all profit (d) owner owes the debts
25. 25.A small business sells 20 fruit cups at ₹25 each. Its costs are ₹180. What is its profit (in ₹)?
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) run by directors
27. 27.A small business selling cupcakes had a revenue of ₹250 and a profit of ₹190. What were its costs (in ₹)?
28. 28.A small business selling handmade cards had a revenue of ₹360 and a profit of ₹120. What were its costs (in ₹)?
29. 29.A small business sells 55 paper bookmarks at ₹25 each. Its costs are ₹910. What is its profit (in ₹)?
30. 30.True or false: “one owner runs it” is true of a company. (a) False (b) True
31. 31.True or false: “a separate legal body” is true of a company. (a) False (b) True
32. 32.A small business selling jute bags had a revenue of ₹290 and a profit of ₹70. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
34. 34.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
35. 35.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
36. 36.True or false: “owned by shareholders” is true of a company. (a) True (b) False
37. 37.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
38. 38.A small business sells 13 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owned by shareholders
40. 40.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company

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