Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 665 · 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) never ever (c) only at night (d) only with adult help
2. 2.A small business selling fruit cups had a revenue of ₹600 and a profit of ₹120. What were its costs (in ₹)?
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
4. 4.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
5. 5.True or false: “run by directors” is true of a company. (a) True (b) False
6. 6.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
7. 7.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) one owner runs it (d) simplest to start
8. 8.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
9. 9.A small business sells 52 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
10. 10.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
11. 11.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) owners’ risk is limited
12. 12.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
13. 13.True or false: “run by directors” is true of a sole trader. (a) True (b) False
14. 14.A small business sells 44 painted pebbles at ₹20 each. Its costs are ₹710. What is its profit (in ₹)?
15. 15.A small business selling cups of lemonade had a revenue of ₹1640 and a profit of ₹400. What were its costs (in ₹)?
16. 16.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
17. 17.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
18. 18.A small business selling painted pebbles had a revenue of ₹1650 and a profit of ₹780. What were its costs (in ₹)?
19. 19.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner keeps all profit
20. 20.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) a separate legal body
21. 21.A small business sells 17 painted pebbles at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
22. 22.A small business selling fruit cups had a revenue of ₹140 and a profit of ₹110. What were its costs (in ₹)?
23. 23.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.A small business sells 16 jute bags at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
26. 26.A small business sells 22 cups of lemonade at ₹45 each. Its costs are ₹270. What is its profit (in ₹)?
27. 27.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
28. 28.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
30. 30.A small business sells 10 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
31. 31.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
32. 32.A small business sells 50 fruit cups at ₹30 each. What is its revenue (in ₹)?
33. 33.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
34. 34.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) simplest to start
35. 35.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
36. 36.A small business selling paper bookmarks had a revenue of ₹90 and a profit of ₹70. What were its costs (in ₹)?
37. 37.A small business sells 24 jute bags at ₹45 each. What is its revenue (in ₹)?
38. 38.A small business sells 36 jute bags at ₹45 each. What is its revenue (in ₹)?
39. 39.A small business sells 15 glasses of chai at ₹40 each. What is its revenue (in ₹)?
40. 40.A small business sells 15 glasses of chai at ₹50 each. Its costs are ₹440. What is its profit (in ₹)?

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