Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 678 · 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.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
2. 2.A small business sells 32 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) run by directors
4. 4.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
5. 5.True or false: “owner owes the debts” is true of a company. (a) True (b) False
6. 6.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
7. 7.A small business sells 57 handmade cards at ₹5 each. What is its revenue (in ₹)?
8. 8.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
10. 10.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
11. 11.A small business sells 46 potted plants at ₹20 each. Its costs are ₹460. What is its profit (in ₹)?
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) one owner runs it
13. 13.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.True or false: “run by directors” is true of a company. (a) True (b) False
16. 16.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
17. 17.A small business sells 52 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
18. 18.A small business selling bags of popcorn had a revenue of ₹250 and a profit of ₹10. What were its costs (in ₹)?
19. 19.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
20. 20.A small business sells 15 cups of lemonade at ₹20 each. Its costs are ₹200. What is its profit (in ₹)?
21. 21.True or false: “simplest to start” is true of a company. (a) False (b) True
22. 22.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) simplest to start (d) owned by shareholders
23. 23.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
24. 24.A small business sells 18 painted pebbles at ₹5 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
26. 26.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner keeps all profit (d) one owner runs it
27. 27.A small business selling jute bags had a revenue of ₹250 and a profit of ₹130. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
29. 29.A small business sells 10 glasses of chai at ₹20 each. Its costs are ₹190. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
31. 31.A small business sells 58 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
33. 33.A small business sells 14 potted plants at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
34. 34.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
35. 35.A small business sells 35 handmade cards at ₹40 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
37. 37.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
38. 38.A small business sells 19 handmade cards at ₹50 each. Its costs are ₹110. What is its profit (in ₹)?
39. 39.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
40. 40.A small business selling jute bags had a revenue of ₹940 and a profit of ₹830. What were its costs (in ₹)?

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