Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 617 · 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 selling painted pebbles had a revenue of ₹385 and a profit of ₹45. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
3. 3.True or false: “run by directors” is true of a sole trader. (a) False (b) True
4. 4.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
5. 5.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
6. 6.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
7. 7.A small business sells 48 jute bags at ₹10 each. What is its revenue (in ₹)?
8. 8.A small business selling bags of popcorn had a revenue of ₹465 and a profit of ₹35. What were its costs (in ₹)?
9. 9.True or false: “owned by shareholders” is true of a company. (a) False (b) True
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
11. 11.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) owned by shareholders
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
14. 14.A small business sells 12 handmade cards at ₹45 each. Its costs are ₹280. What is its profit (in ₹)?
15. 15.A small business sells 16 painted pebbles at ₹30 each. Its costs are ₹180. What is its profit (in ₹)?
16. 16.A small business selling handmade cards had a revenue of ₹430 and a profit of ₹10. What were its costs (in ₹)?
17. 17.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 25 cupcakes at ₹10 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) one owner runs it
20. 20.A small business sells 32 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) owned by shareholders
22. 22.A small business sells 20 glasses of chai at ₹5 each. What is its revenue (in ₹)?
23. 23.A small business sells 35 glasses of chai at ₹15 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
25. 25.A small business selling clay diyas had a revenue of ₹1260 and a profit of ₹720. What were its costs (in ₹)?
26. 26.A small business selling cups of lemonade had a revenue of ₹1850 and a profit of ₹140. What were its costs (in ₹)?
27. 27.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
28. 28.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner keeps all profit
29. 29.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
30. 30.A small business sells 20 cups of lemonade at ₹50 each. Its costs are ₹60. What is its profit (in ₹)?
31. 31.A small business selling jute bags had a revenue of ₹2520 and a profit of ₹970. What were its costs (in ₹)?
32. 32.A small business sells 14 paper bookmarks at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
33. 33.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
34. 34.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
35. 35.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
37. 37.A small business sells 45 fruit cups at ₹25 each. What is its revenue (in ₹)?
38. 38.True or false: “one owner runs it” is true of a company. (a) True (b) False
39. 39.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader

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