Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 664 · 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.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
2. 2.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
3. 3.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
5. 5.A small business sells 15 painted pebbles at ₹40 each. What is its revenue (in ₹)?
6. 6.A small business sells 46 potted plants at ₹40 each. Its costs are ₹1450. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
8. 8.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
9. 9.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
10. 10.A small business sells 36 painted pebbles at ₹25 each. What is its revenue (in ₹)?
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owned by shareholders
16. 16.A small business sells 20 cupcakes at ₹30 each. Its costs are ₹230. What is its profit (in ₹)?
17. 17.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 30 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
20. 20.A small business selling cupcakes had a revenue of ₹840 and a profit of ₹560. What were its costs (in ₹)?
21. 21.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
22. 22.A small business sells 19 friendship bands at ₹35 each. Its costs are ₹70. What is its profit (in ₹)?
23. 23.A small business sells 11 glasses of chai at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
25. 25.A small business sells 50 friendship bands at ₹25 each. What is its revenue (in ₹)?
26. 26.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it
27. 27.A small business selling clay diyas had a revenue of ₹665 and a profit of ₹345. What were its costs (in ₹)?
28. 28.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
29. 29.A small business sells 48 handmade cards at ₹35 each. What is its revenue (in ₹)?
30. 30.A small business sells 31 jute bags at ₹50 each. Its costs are ₹400. What is its profit (in ₹)?
31. 31.True or false: “run by directors” is true of a company. (a) False (b) True
32. 32.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
33. 33.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
34. 34.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owned by shareholders
35. 35.A small business selling cups of lemonade had a revenue of ₹105 and a profit of ₹65. What were its costs (in ₹)?
36. 36.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) run by directors (d) owner keeps all profit
37. 37.A small business selling jute bags had a revenue of ₹200 and a profit of ₹120. What were its costs (in ₹)?
38. 38.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) simplest to start (d) owned by shareholders
39. 39.A small business sells 48 cupcakes at ₹20 each. Its costs are ₹620. What is its profit (in ₹)?
40. 40.A small business selling fruit cups had a revenue of ₹280 and a profit of ₹120. What were its costs (in ₹)?

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