Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 777 · 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) profit (b) revenue
2. 2.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
3. 3.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
4. 4.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner keeps all profit
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.A small business sells 20 glasses of chai at ₹45 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
9. 9.A small business selling handmade cards had a revenue of ₹100 and a profit of ₹60. What were its costs (in ₹)?
10. 10.A small business sells 17 glasses of chai at ₹30 each. Its costs are ₹210. What is its profit (in ₹)?
11. 11.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
12. 12.A small business sells 55 handmade cards at ₹20 each. What is its revenue (in ₹)?
13. 13.📜 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
14. 14.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
15. 15.A small business selling potted plants had a revenue of ₹1080 and a profit of ₹1050. What were its costs (in ₹)?
16. 16.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
17. 17.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
18. 18.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
19. 19.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
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
21. 21.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
22. 22.A small business sells 41 cupcakes at ₹45 each. Its costs are ₹730. What is its profit (in ₹)?
23. 23.A small business selling glasses of chai had a revenue of ₹275 and a profit of ₹145. What were its costs (in ₹)?
24. 24.True or false: “one owner runs it” is true of a company. (a) True (b) False
25. 25.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
26. 26.True or false: “owned by shareholders” is true of a company. (a) False (b) True
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
28. 28.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
29. 29.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) run by directors
30. 30.A small business sells 22 clay diyas at ₹10 each. What is its revenue (in ₹)?
31. 31.A small business selling clay diyas had a revenue of ₹420 and a profit of ₹180. What were its costs (in ₹)?
32. 32.A small business sells 41 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
33. 33.True or false: “run by directors” is true of a sole trader. (a) False (b) True
34. 34.True or false: “owner owes the debts” is true of a company. (a) True (b) False
35. 35.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
36. 36.A small business selling cups of lemonade had a revenue of ₹1020 and a profit of ₹820. What were its costs (in ₹)?
37. 37.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 40 friendship bands at ₹35 each. What is its revenue (in ₹)?
39. 39.A small business sells 11 cups of lemonade at ₹50 each. Its costs are ₹40. What is its profit (in ₹)?
40. 40.A small business selling fruit cups had a revenue of ₹440 and a profit of ₹140. What were its costs (in ₹)?

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