Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 62 · 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: “run by directors” is true of a sole trader. (a) False (b) True
2. 2.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
3. 3.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
4. 4.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
5. 5.A small business sells 57 jute bags at ₹30 each. What is its revenue (in ₹)?
6. 6.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
7. 7.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
10. 10.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
11. 11.A small business selling cupcakes had a revenue of ₹150 and a profit of ₹100. What were its costs (in ₹)?
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.A small business selling potted plants had a revenue of ₹735 and a profit of ₹285. What were its costs (in ₹)?
15. 15.A small business selling handmade cards had a revenue of ₹1120 and a profit of ₹830. What were its costs (in ₹)?
16. 16.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
17. 17.A small business sells 52 clay diyas at ₹50 each. Its costs are ₹540. What is its profit (in ₹)?
18. 18.A small business sells 13 glasses of chai at ₹20 each. What is its revenue (in ₹)?
19. 19.A small business sells 34 potted plants at ₹25 each. Its costs are ₹300. What is its profit (in ₹)?
20. 20.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) simplest to start (d) owner owes the debts
21. 21.True or false: “owner owes the debts” is true of a company. (a) False (b) True
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
24. 24.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
25. 25.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) run by directors (d) one owner runs it
26. 26.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
27. 27.🎂 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
28. 28.A small business sells 35 jute bags at ₹15 each. Its costs are ₹170. What is its profit (in ₹)?
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
30. 30.True or false: “owned by shareholders” is true of a company. (a) True (b) False
31. 31.A small business sells 45 glasses of chai at ₹10 each. What is its revenue (in ₹)?
32. 32.A small business selling cupcakes had a revenue of ₹640 and a profit of ₹410. What were its costs (in ₹)?
33. 33.A small business sells 41 cupcakes at ₹10 each. What is its revenue (in ₹)?
34. 34.A small business sells 20 clay diyas at ₹30 each. Its costs are ₹90. What is its profit (in ₹)?
35. 35.A small business sells 26 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
36. 36.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 20 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
39. 39.True or false: “one owner runs it” is true of a company. (a) True (b) False
40. 40.A small business sells 28 jute bags at ₹30 each. What is its revenue (in ₹)?

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