Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 8 · 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) never ever (c) only at night (d) yes, no one needed
2. 2.A small business selling paper bookmarks had a revenue of ₹1960 and a profit of ₹30. What were its costs (in ₹)?
3. 3.A small business sells 22 handmade cards at ₹5 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) run by directors
7. 7.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
8. 8.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
9. 9.A small business sells 16 cupcakes at ₹40 each. Its costs are ₹600. What is its profit (in ₹)?
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) run by directors
11. 11.A small business sells 45 cupcakes at ₹20 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
13. 13.A small business sells 32 handmade cards at ₹50 each. What is its revenue (in ₹)?
14. 14.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
15. 15.A small business sells 34 paper bookmarks at ₹30 each. Its costs are ₹230. What is its profit (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
17. 17.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
18. 18.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
19. 19.A small business selling cups of lemonade had a revenue of ₹210 and a profit of ₹120. What were its costs (in ₹)?
20. 20.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner keeps all profit (d) simplest to start
21. 21.A small business selling clay diyas had a revenue of ₹1120 and a profit of ₹650. What were its costs (in ₹)?
22. 22.A small business sells 18 paper bookmarks at ₹30 each. Its costs are ₹500. What is its profit (in ₹)?
23. 23.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
26. 26.A small business sells 34 cupcakes at ₹5 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
28. 28.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
29. 29.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
30. 30.A small business selling cups of lemonade had a revenue of ₹460 and a profit of ₹300. What were its costs (in ₹)?
31. 31.A small business selling potted plants had a revenue of ₹760 and a profit of ₹350. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
33. 33.A small business selling painted pebbles had a revenue of ₹1000 and a profit of ₹100. What were its costs (in ₹)?
34. 34.True or false: “run by directors” is true of a company. (a) False (b) True
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner owes the debts (d) run by directors
36. 36.A small business selling painted pebbles had a revenue of ₹110 and a profit of ₹100. What were its costs (in ₹)?
37. 37.A small business sells 51 clay diyas at ₹35 each. Its costs are ₹600. What is its profit (in ₹)?
38. 38.A small business selling cups of lemonade had a revenue of ₹765 and a profit of ₹615. What were its costs (in ₹)?
39. 39.True or false: “owned by shareholders” is true of a company. (a) True (b) False
40. 40.A small business sells 16 glasses of chai at ₹50 each. What is its revenue (in ₹)?

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