Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 781 · 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.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
2. 2.A small business sells 49 bags of popcorn at ₹40 each. Its costs are ₹30. What is its profit (in ₹)?
3. 3.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
4. 4.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
5. 5.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
6. 6.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
7. 7.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
8. 8.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
9. 9.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
10. 10.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
11. 11.A small business sells 47 potted plants at ₹10 each. What is its revenue (in ₹)?
12. 12.A small business sells 57 glasses of chai at ₹25 each. Its costs are ₹610. What is its profit (in ₹)?
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
15. 15.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
16. 16.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owned by shareholders (d) run by directors
17. 17.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) one owner runs it (d) simplest to start
18. 18.A small business sells 21 glasses of chai at ₹25 each. Its costs are ₹210. What is its profit (in ₹)?
19. 19.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
20. 20.A small business selling fruit cups had a revenue of ₹630 and a profit of ₹270. What were its costs (in ₹)?
21. 21.A small business sells 23 glasses of chai at ₹20 each. What is its revenue (in ₹)?
22. 22.A small business selling cupcakes had a revenue of ₹350 and a profit of ₹210. What were its costs (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
24. 24.A small business selling friendship bands had a revenue of ₹210 and a profit of ₹110. What were its costs (in ₹)?
25. 25.A small business sells 36 friendship bands at ₹30 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
27. 27.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
28. 28.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
29. 29.A small business selling handmade cards had a revenue of ₹110 and a profit of ₹90. What were its costs (in ₹)?
30. 30.A small business sells 53 handmade cards at ₹40 each. What is its revenue (in ₹)?
31. 31.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
32. 32.True or false: “run by directors” is true of a sole trader. (a) False (b) True
33. 33.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
34. 34.A small business sells 41 clay diyas at ₹45 each. Its costs are ₹1640. What is its profit (in ₹)?
35. 35.A small business sells 58 glasses of chai at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
36. 36.A small business sells 32 fruit cups at ₹50 each. Its costs are ₹100. What is its profit (in ₹)?
37. 37.True or false: “run by directors” is true of a company. (a) False (b) True
38. 38.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
39. 39.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
40. 40.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True

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