Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 718 · 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.A small business sells 55 fruit cups at ₹25 each. Its costs are ₹410. What is its profit (in ₹)?
2. 2.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
3. 3.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
4. 4.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
5. 5.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
6. 6.A small business selling handmade cards had a revenue of ₹320 and a profit of ₹250. What were its costs (in ₹)?
7. 7.A small business sells 40 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
9. 9.A small business selling bags of popcorn had a revenue of ₹680 and a profit of ₹120. What were its costs (in ₹)?
10. 10.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) one owner runs it
11. 11.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner keeps all profit
12. 12.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
13. 13.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) owner keeps all profit
14. 14.A small business sells 34 potted plants at ₹30 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) simplest to start (d) owner owes the debts
16. 16.A small business sells 39 fruit cups at ₹35 each. What is its revenue (in ₹)?
17. 17.A small business sells 33 handmade cards at ₹10 each. Its costs are ₹120. What is its profit (in ₹)?
18. 18.A small business sells 56 cups of lemonade at ₹5 each. Its costs are ₹250. What is its profit (in ₹)?
19. 19.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
20. 20.📜 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
21. 21.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
22. 22.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owned by shareholders
23. 23.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
24. 24.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
27. 27.A small business selling painted pebbles had a revenue of ₹1680 and a profit of ₹1440. What were its costs (in ₹)?
28. 28.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
29. 29.A small business sells 22 glasses of chai at ₹45 each. Its costs are ₹210. What is its profit (in ₹)?
30. 30.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
31. 31.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
32. 32.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
33. 33.True or false: “run by directors” is true of a sole trader. (a) True (b) False
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
35. 35.A small business sells 33 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
36. 36.A small business sells 22 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
37. 37.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
38. 38.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
40. 40.A small business sells 52 jute bags at ₹25 each. Its costs are ₹670. What is its profit (in ₹)?

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