Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 701 · 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.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
3. 3.A small business selling glasses of chai had a revenue of ₹1085 and a profit of ₹975. What were its costs (in ₹)?
4. 4.A small business sells 30 clay diyas at ₹25 each. Its costs are ₹720. What is its profit (in ₹)?
5. 5.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) one owner runs it (d) simplest to start
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
8. 8.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
9. 9.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
10. 10.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
11. 11.A small business sells 44 friendship bands at ₹50 each. What is its revenue (in ₹)?
12. 12.A small business sells 53 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
13. 13.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
14. 14.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.A small business sells 35 jute bags at ₹50 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner keeps all profit (d) owner owes the debts
18. 18.A small business sells 16 potted plants at ₹25 each. Its costs are ₹30. What is its profit (in ₹)?
19. 19.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
20. 20.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) one owner runs it
21. 21.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
22. 22.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
23. 23.A small business sells 32 fruit cups at ₹15 each. What is its revenue (in ₹)?
24. 24.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
25. 25.A small business selling handmade cards had a revenue of ₹245 and a profit of ₹185. What were its costs (in ₹)?
26. 26.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
27. 27.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
28. 28.A small business selling paper bookmarks had a revenue of ₹255 and a profit of ₹185. What were its costs (in ₹)?
29. 29.A small business sells 34 glasses of chai at ₹30 each. Its costs are ₹460. What is its profit (in ₹)?
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
31. 31.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
32. 32.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
33. 33.A small business sells 31 cups of lemonade at ₹35 each. Its costs are ₹1010. What is its profit (in ₹)?
34. 34.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
35. 35.A small business selling glasses of chai had a revenue of ₹540 and a profit of ₹480. What were its costs (in ₹)?
36. 36.A small business sells 42 handmade cards at ₹45 each. Its costs are ₹160. What is its profit (in ₹)?
37. 37.A small business sells 17 glasses of chai at ₹5 each. What is its revenue (in ₹)?
38. 38.A small business selling handmade cards had a revenue of ₹175 and a profit of ₹125. What were its costs (in ₹)?
39. 39.A small business sells 57 cupcakes at ₹30 each. Its costs are ₹1430. What is its profit (in ₹)?
40. 40.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue

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