Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 804 · 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 selling cupcakes had a revenue of ₹1120 and a profit of ₹70. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
4. 4.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
5. 5.A small business sells 18 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
6. 6.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
7. 7.A small business selling paper bookmarks had a revenue of ₹180 and a profit of ₹20. What were its costs (in ₹)?
8. 8.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
9. 9.A small business sells 54 paper bookmarks at ₹15 each. Its costs are ₹330. What is its profit (in ₹)?
10. 10.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
12. 12.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
13. 13.A small business sells 31 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
14. 14.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
16. 16.True or false: “a separate legal body” is true of a company. (a) True (b) False
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner keeps all profit
18. 18.A small business selling painted pebbles had a revenue of ₹1125 and a profit of ₹945. What were its costs (in ₹)?
19. 19.A small business sells 40 glasses of chai at ₹45 each. Its costs are ₹460. What is its profit (in ₹)?
20. 20.A small business sells 29 jute bags at ₹20 each. Its costs are ₹430. What is its profit (in ₹)?
21. 21.A small business selling handmade cards had a revenue of ₹1120 and a profit of ₹390. What were its costs (in ₹)?
22. 22.True or false: “simplest to start” is true of a company. (a) False (b) True
23. 23.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
24. 24.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) run by directors
25. 25.True or false: “run by directors” is true of a company. (a) False (b) True
26. 26.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
27. 27.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
28. 28.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
29. 29.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 23 friendship bands at ₹50 each. Its costs are ₹340. What is its profit (in ₹)?
32. 32.A small business selling potted plants had a revenue of ₹1560 and a profit of ₹1470. What were its costs (in ₹)?
33. 33.A small business selling painted pebbles had a revenue of ₹1295 and a profit of ₹415. What were its costs (in ₹)?
34. 34.A small business selling clay diyas had a revenue of ₹500 and a profit of ₹420. What were its costs (in ₹)?
35. 35.A small business sells 13 cups of lemonade at ₹50 each. Its costs are ₹120. What is its profit (in ₹)?
36. 36.Which of these is true of a company? (a) run by directors (b) simplest to start (c) one owner runs it (d) owner keeps all profit
37. 37.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
39. 39.True or false: “owner owes the debts” is true of a company. (a) False (b) True
40. 40.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner owes the debts (d) owned by shareholders

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