Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 806 · 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 sells 40 cupcakes at ₹30 each. What is its revenue (in ₹)?
2. 2.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
3. 3.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
4. 4.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
5. 5.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
6. 6.A small business sells 14 glasses of chai at ₹15 each. What is its revenue (in ₹)?
7. 7.A small business selling cups of lemonade had a revenue of ₹175 and a profit of ₹65. What were its costs (in ₹)?
8. 8.A small business selling clay diyas had a revenue of ₹330 and a profit of ₹300. What were its costs (in ₹)?
9. 9.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
10. 10.A small business sells 38 friendship bands at ₹30 each. Its costs are ₹980. What is its profit (in ₹)?
11. 11.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owners’ risk is limited
12. 12.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) a separate legal body (d) owned by shareholders
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
16. 16.A small business sells 24 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
17. 17.A small business selling cupcakes had a revenue of ₹325 and a profit of ₹275. What were its costs (in ₹)?
18. 18.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
20. 20.A small business sells 31 cupcakes at ₹50 each. Its costs are ₹620. What is its profit (in ₹)?
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
22. 22.True or false: “one owner runs it” is true of a company. (a) True (b) False
23. 23.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
24. 24.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
25. 25.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
26. 26.A small business sells 56 bags of popcorn at ₹30 each. Its costs are ₹740. What is its profit (in ₹)?
27. 27.True or false: “run by directors” is true of a company. (a) False (b) True
28. 28.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
29. 29.A small business sells 36 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
30. 30.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
32. 32.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
33. 33.A small business selling paper bookmarks had a revenue of ₹500 and a profit of ₹290. What were its costs (in ₹)?
34. 34.A small business selling potted plants had a revenue of ₹275 and a profit of ₹65. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
36. 36.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
37. 37.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
38. 38.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) run by directors
39. 39.A small business selling jute bags had a revenue of ₹750 and a profit of ₹720. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader

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