Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 810 · 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.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner owes the debts (d) one owner runs it
2. 2.A small business sells 22 potted plants at ₹15 each. Its costs are ₹140. What is its profit (in ₹)?
3. 3.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
4. 4.A small business selling glasses of chai had a revenue of ₹450 and a profit of ₹360. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owned by shareholders
6. 6.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
7. 7.A small business selling clay diyas had a revenue of ₹675 and a profit of ₹285. What were its costs (in ₹)?
8. 8.A small business selling handmade cards had a revenue of ₹440 and a profit of ₹80. What were its costs (in ₹)?
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) owned by shareholders
10. 10.A small business sells 12 handmade cards at ₹20 each. What is its revenue (in ₹)?
11. 11.🎂 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
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
13. 13.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
14. 14.A small business selling cupcakes had a revenue of ₹900 and a profit of ₹640. What were its costs (in ₹)?
15. 15.A small business sells 49 painted pebbles at ₹25 each. Its costs are ₹480. What is its profit (in ₹)?
16. 16.A small business sells 47 bags of popcorn at ₹30 each. Its costs are ₹790. What is its profit (in ₹)?
17. 17.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
18. 18.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
20. 20.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
22. 22.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
23. 23.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
24. 24.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
25. 25.A small business sells 49 cupcakes at ₹25 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
27. 27.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
28. 28.A small business sells 18 painted pebbles at ₹30 each. What is its revenue (in ₹)?
29. 29.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
30. 30.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
31. 31.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
32. 32.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
34. 34.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
35. 35.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
36. 36.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
37. 37.A small business selling bags of popcorn had a revenue of ₹495 and a profit of ₹485. What were its costs (in ₹)?
38. 38.A small business selling handmade cards had a revenue of ₹940 and a profit of ₹300. What were its costs (in ₹)?
39. 39.📜 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
40. 40.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue

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