Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 765 · 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 or profit: price × number sold? (a) revenue (b) profit
2. 2.A small business sells 19 potted plants at ₹10 each. What is its revenue (in ₹)?
3. 3.A small business selling clay diyas had a revenue of ₹800 and a profit of ₹600. What were its costs (in ₹)?
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) one owner runs it (d) owned by shareholders
6. 6.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
7. 7.A small business sells 55 potted plants at ₹50 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) a separate legal body
9. 9.A small business sells 54 jute bags at ₹35 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
11. 11.A small business selling painted pebbles had a revenue of ₹645 and a profit of ₹315. What were its costs (in ₹)?
12. 12.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
13. 13.A small business sells 36 potted plants at ₹30 each. Its costs are ₹890. What is its profit (in ₹)?
14. 14.A small business sells 24 glasses of chai at ₹15 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
16. 16.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
17. 17.A small business sells 44 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
18. 18.A small business selling clay diyas had a revenue of ₹210 and a profit of ₹90. What were its costs (in ₹)?
19. 19.A small business sells 53 clay diyas at ₹45 each. What is its revenue (in ₹)?
20. 20.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
21. 21.🎂 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
22. 22.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
23. 23.A small business selling clay diyas had a revenue of ₹150 and a profit of ₹80. What were its costs (in ₹)?
24. 24.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) one owner runs it (d) owner keeps all profit
25. 25.True or false: “owner owes the debts” is true of a company. (a) False (b) True
26. 26.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
27. 27.A small business selling jute bags had a revenue of ₹1240 and a profit of ₹560. What were its costs (in ₹)?
28. 28.A small business sells 18 cups of lemonade at ₹35 each. Its costs are ₹50. What is its profit (in ₹)?
29. 29.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) run by directors
30. 30.A small business sells 21 friendship bands at ₹35 each. Its costs are ₹270. What is its profit (in ₹)?
31. 31.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
33. 33.A small business selling cupcakes had a revenue of ₹795 and a profit of ₹265. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
35. 35.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
36. 36.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
37. 37.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
38. 38.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
39. 39.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
40. 40.A small business sells 44 paper bookmarks at ₹5 each. What is its revenue (in ₹)?

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