Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 616 · 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 16 potted plants at ₹50 each. What is its revenue (in ₹)?
2. 2.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
4. 4.A small business selling jute bags had a revenue of ₹315 and a profit of ₹245. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) run by directors
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
9. 9.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
10. 10.A small business selling fruit cups had a revenue of ₹455 and a profit of ₹325. What were its costs (in ₹)?
11. 11.A small business selling fruit cups had a revenue of ₹155 and a profit of ₹85. What were its costs (in ₹)?
12. 12.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
13. 13.A small business sells 47 jute bags at ₹40 each. What is its revenue (in ₹)?
14. 14.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
15. 15.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
16. 16.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) simplest to start
17. 17.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
18. 18.A small business sells 57 potted plants at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
19. 19.A small business selling clay diyas had a revenue of ₹130 and a profit of ₹80. What were its costs (in ₹)?
20. 20.A small business sells 31 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
21. 21.True or false: “simplest to start” is true of a company. (a) False (b) True
22. 22.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
23. 23.A small business sells 42 clay diyas at ₹15 each. What is its revenue (in ₹)?
24. 24.A small business sells 38 cups of lemonade at ₹35 each. Its costs are ₹250. What is its profit (in ₹)?
25. 25.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
26. 26.A small business selling cupcakes had a revenue of ₹300 and a profit of ₹60. What were its costs (in ₹)?
27. 27.True or false: “a separate legal body” is true of a company. (a) False (b) True
28. 28.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
29. 29.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
31. 31.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
32. 32.📜 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
33. 33.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
34. 34.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) a separate legal body
35. 35.A small business sells 13 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) a separate legal body
37. 37.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
38. 38.A small business selling painted pebbles had a revenue of ₹900 and a profit of ₹70. What were its costs (in ₹)?
39. 39.A small business sells 24 clay diyas at ₹50 each. Its costs are ₹680. What is its profit (in ₹)?
40. 40.A small business sells 23 painted pebbles at ₹25 each. What is its revenue (in ₹)?

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