Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 675 · 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.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
2. 2.A small business sells 23 painted pebbles at ₹20 each. What is its revenue (in ₹)?
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
5. 5.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner keeps all profit
8. 8.A small business selling glasses of chai had a revenue of ₹385 and a profit of ₹325. What were its costs (in ₹)?
9. 9.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
11. 11.A small business selling cups of lemonade had a revenue of ₹615 and a profit of ₹185. What were its costs (in ₹)?
12. 12.True or false: “one owner runs it” is true of a company. (a) True (b) False
13. 13.A small business selling clay diyas had a revenue of ₹220 and a profit of ₹90. What were its costs (in ₹)?
14. 14.A small business selling paper bookmarks had a revenue of ₹95 and a profit of ₹85. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.A small business selling glasses of chai had a revenue of ₹1470 and a profit of ₹260. What were its costs (in ₹)?
18. 18.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
19. 19.True or false: “owned by shareholders” is true of a company. (a) True (b) False
20. 20.A small business sells 46 glasses of chai at ₹50 each. What is its revenue (in ₹)?
21. 21.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
22. 22.A small business selling painted pebbles had a revenue of ₹455 and a profit of ₹365. What were its costs (in ₹)?
23. 23.A small business sells 12 cupcakes at ₹45 each. What is its revenue (in ₹)?
24. 24.A small business sells 53 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
25. 25.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
26. 26.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner keeps all profit (d) owner owes the debts
27. 27.A small business sells 56 jute bags at ₹15 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
29. 29.A small business sells 21 potted plants at ₹45 each. What is its revenue (in ₹)?
30. 30.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
31. 31.A small business sells 21 fruit cups at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
32. 32.A small business sells 17 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
33. 33.A small business sells 40 cupcakes at ₹10 each. Its costs are ₹330. What is its profit (in ₹)?
34. 34.True or false: “a separate legal body” is true of a company. (a) False (b) True
35. 35.True or false: “simplest to start” is true of a company. (a) True (b) False
36. 36.A small business sells 36 jute bags at ₹50 each. What is its revenue (in ₹)?
37. 37.A small business selling painted pebbles had a revenue of ₹560 and a profit of ₹180. What were its costs (in ₹)?
38. 38.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
39. 39.A small business sells 20 cups of lemonade at ₹20 each. Its costs are ₹80. What is its profit (in ₹)?
40. 40.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) run by directors (d) owners’ risk is limited

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