Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 877 · 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 56 potted plants at ₹15 each. Its costs are ₹750. What is its profit (in ₹)?
2. 2.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
3. 3.A small business selling paper bookmarks had a revenue of ₹110 and a profit of ₹20. What were its costs (in ₹)?
4. 4.A small business selling potted plants had a revenue of ₹945 and a profit of ₹255. What were its costs (in ₹)?
5. 5.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
7. 7.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
8. 8.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
10. 10.True or false: “one owner runs it” is true of a company. (a) True (b) False
11. 11.A small business sells 56 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
13. 13.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) one owner runs it (d) simplest to start
14. 14.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
15. 15.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
16. 16.A small business sells 46 handmade cards at ₹30 each. What is its revenue (in ₹)?
17. 17.True or false: “simplest to start” is true of a company. (a) True (b) False
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
20. 20.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) one owner runs it (d) owner owes the debts
21. 21.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
22. 22.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
23. 23.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) run by directors (d) a separate legal body
26. 26.A small business sells 22 glasses of chai at ₹25 each. Its costs are ₹280. What is its profit (in ₹)?
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.A small business sells 21 fruit cups at ₹40 each. What is its revenue (in ₹)?
29. 29.A small business selling friendship bands had a revenue of ₹1150 and a profit of ₹930. What were its costs (in ₹)?
30. 30.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
31. 31.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
32. 32.A small business selling glasses of chai had a revenue of ₹525 and a profit of ₹435. What were its costs (in ₹)?
33. 33.A small business sells 25 fruit cups at ₹45 each. What is its revenue (in ₹)?
34. 34.True or false: “owner owes the debts” is true of a company. (a) True (b) False
35. 35.A small business sells 49 painted pebbles at ₹40 each. What is its revenue (in ₹)?
36. 36.A small business sells 10 friendship bands at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
38. 38.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
39. 39.A small business selling glasses of chai had a revenue of ₹160 and a profit of ₹110. What were its costs (in ₹)?
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False

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