Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 647 · 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.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
2. 2.A small business sells 17 fruit cups at ₹35 each. What is its revenue (in ₹)?
3. 3.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
4. 4.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) a separate legal body
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.True or false: “one owner runs it” is true of a company. (a) True (b) False
7. 7.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
8. 8.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
9. 9.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
10. 10.A small business sells 46 painted pebbles at ₹25 each. What is its revenue (in ₹)?
11. 11.A small business sells 34 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) simplest to start (d) one owner runs it
13. 13.A small business sells 25 paper bookmarks at ₹45 each. Its costs are ₹80. What is its profit (in ₹)?
14. 14.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
15. 15.A small business selling paper bookmarks had a revenue of ₹1300 and a profit of ₹980. What were its costs (in ₹)?
16. 16.A small business selling handmade cards had a revenue of ₹200 and a profit of ₹130. What were its costs (in ₹)?
17. 17.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
18. 18.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
20. 20.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
22. 22.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
23. 23.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
24. 24.A small business sells 36 clay diyas at ₹15 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
26. 26.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
27. 27.True or false: “run by directors” is true of a sole trader. (a) False (b) True
28. 28.A small business sells 51 glasses of chai at ₹5 each. Its costs are ₹210. What is its profit (in ₹)?
29. 29.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
30. 30.A small business selling paper bookmarks had a revenue of ₹2280 and a profit of ₹2140. What were its costs (in ₹)?
31. 31.A small business sells 39 painted pebbles at ₹40 each. Its costs are ₹260. What is its profit (in ₹)?
32. 32.True or false: “a separate legal body” is true of a company. (a) True (b) False
33. 33.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
34. 34.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
35. 35.A small business selling painted pebbles had a revenue of ₹1000 and a profit of ₹240. What were its costs (in ₹)?
36. 36.A small business sells 11 jute bags at ₹25 each. Its costs are ₹50. What is its profit (in ₹)?
37. 37.A small business sells 10 painted pebbles at ₹50 each. Its costs are ₹110. What is its profit (in ₹)?
38. 38.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
39. 39.A small business sells 22 handmade cards at ₹40 each. Its costs are ₹40. What is its profit (in ₹)?
40. 40.A small business sells 24 handmade cards at ₹30 each. Its costs are ₹330. What is its profit (in ₹)?

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