Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 822 · 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.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
2. 2.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
5. 5.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) run by directors
8. 8.A small business selling cups of lemonade had a revenue of ₹140 and a profit of ₹40. What were its costs (in ₹)?
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) simplest to start
10. 10.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
11. 11.A small business sells 59 paper bookmarks at ₹5 each. Its costs are ₹220. What is its profit (in ₹)?
12. 12.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
13. 13.A small business selling painted pebbles had a revenue of ₹175 and a profit of ₹45. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
15. 15.A small business sells 42 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owned by shareholders (d) run by directors
18. 18.A small business sells 27 clay diyas at ₹10 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
20. 20.A small business selling cupcakes had a revenue of ₹1935 and a profit of ₹1585. What were its costs (in ₹)?
21. 21.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
22. 22.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
23. 23.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) a separate legal body
24. 24.🎂 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
25. 25.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
26. 26.A small business sells 50 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
27. 27.A small business selling handmade cards had a revenue of ₹800 and a profit of ₹260. What were its costs (in ₹)?
28. 28.True or false: “run by directors” is true of a sole trader. (a) True (b) False
29. 29.A small business sells 31 painted pebbles at ₹40 each. Its costs are ₹250. What is its profit (in ₹)?
30. 30.True or false: “one owner runs it” is true of a company. (a) True (b) False
31. 31.A small business sells 36 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
32. 32.A small business sells 25 friendship bands at ₹25 each. What is its revenue (in ₹)?
33. 33.A small business selling cups of lemonade had a revenue of ₹150 and a profit of ₹20. What were its costs (in ₹)?
34. 34.A small business sells 45 cupcakes at ₹50 each. Its costs are ₹780. What is its profit (in ₹)?
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
36. 36.A small business sells 22 fruit cups at ₹15 each. What is its revenue (in ₹)?
37. 37.A small business sells 20 cups of lemonade at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
38. 38.A small business sells 27 fruit cups at ₹45 each. Its costs are ₹290. What is its profit (in ₹)?
39. 39.A small business selling jute bags had a revenue of ₹650 and a profit of ₹150. What were its costs (in ₹)?
40. 40.A small business sells 30 bags of popcorn at ₹20 each. Its costs are ₹550. What is its profit (in ₹)?

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