Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 829 · 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.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
2. 2.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
3. 3.A small business selling cupcakes had a revenue of ₹720 and a profit of ₹690. What were its costs (in ₹)?
4. 4.A small business sells 26 painted pebbles at ₹20 each. Its costs are ₹320. What is its profit (in ₹)?
5. 5.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
7. 7.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
8. 8.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
9. 9.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
10. 10.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
11. 11.A small business sells 20 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
13. 13.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
14. 14.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
15. 15.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
16. 16.A small business sells 42 handmade cards at ₹50 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
19. 19.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
20. 20.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
21. 21.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
22. 22.A small business selling paper bookmarks had a revenue of ₹495 and a profit of ₹435. What were its costs (in ₹)?
23. 23.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
26. 26.True or false: “owner owes the debts” is true of a company. (a) False (b) True
27. 27.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) run by directors
28. 28.A small business sells 19 paper bookmarks at ₹40 each. Its costs are ₹400. What is its profit (in ₹)?
29. 29.A small business selling potted plants had a revenue of ₹1715 and a profit of ₹285. What were its costs (in ₹)?
30. 30.A small business sells 32 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business sells 40 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
32. 32.True or false: “owned by shareholders” is true of a company. (a) True (b) False
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
34. 34.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
35. 35.A small business sells 38 glasses of chai at ₹10 each. What is its revenue (in ₹)?
36. 36.A small business selling paper bookmarks had a revenue of ₹990 and a profit of ₹440. What were its costs (in ₹)?
37. 37.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) run by directors
38. 38.A small business selling paper bookmarks had a revenue of ₹600 and a profit of ₹320. What were its costs (in ₹)?
39. 39.A small business selling bags of popcorn had a revenue of ₹1050 and a profit of ₹990. What were its costs (in ₹)?
40. 40.A small business selling cupcakes had a revenue of ₹1140 and a profit of ₹760. What were its costs (in ₹)?

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