Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 825 · 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.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) run by directors
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
4. 4.A small business selling jute bags had a revenue of ₹340 and a profit of ₹20. What were its costs (in ₹)?
5. 5.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
6. 6.A small business sells 19 clay diyas at ₹35 each. Its costs are ₹110. What is its profit (in ₹)?
7. 7.A small business sells 45 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
9. 9.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
10. 10.A small business selling glasses of chai had a revenue of ₹560 and a profit of ₹100. What were its costs (in ₹)?
11. 11.A small business sells 20 potted plants at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
12. 12.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
13. 13.🎂 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
14. 14.A small business selling friendship bands had a revenue of ₹1120 and a profit of ₹80. What were its costs (in ₹)?
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
16. 16.A small business sells 53 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
17. 17.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
18. 18.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
19. 19.A small business sells 32 painted pebbles at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
20. 20.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) simplest to start
21. 21.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
22. 22.A small business selling friendship bands had a revenue of ₹660 and a profit of ₹300. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
24. 24.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
26. 26.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
27. 27.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
28. 28.📜 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
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
30. 30.A small business selling cups of lemonade had a revenue of ₹1150 and a profit of ₹570. What were its costs (in ₹)?
31. 31.A small business sells 55 glasses of chai at ₹15 each. What is its revenue (in ₹)?
32. 32.A small business sells 37 painted pebbles at ₹30 each. Its costs are ₹920. What is its profit (in ₹)?
33. 33.A small business sells 10 cupcakes at ₹45 each. Its costs are ₹230. What is its profit (in ₹)?
34. 34.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
35. 35.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
36. 36.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
37. 37.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
38. 38.A small business sells 57 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
40. 40.A small business sells 27 fruit cups at ₹30 each. Its costs are ₹510. What is its profit (in ₹)?

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