Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 947 · 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 selling cups of lemonade had a revenue of ₹480 and a profit of ₹470. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
3. 3.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
4. 4.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
5. 5.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
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
8. 8.A small business sells 44 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
10. 10.A small business sells 25 potted plants at ₹20 each. Its costs are ₹100. What is its profit (in ₹)?
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
12. 12.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
13. 13.True or false: “run by directors” is true of a sole trader. (a) True (b) False
14. 14.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
15. 15.A small business sells 14 potted plants at ₹20 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
17. 17.A small business sells 23 glasses of chai at ₹35 each. What is its revenue (in ₹)?
18. 18.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
19. 19.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
20. 20.A small business sells 58 cups of lemonade at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
21. 21.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) simplest to start (d) owner owes the debts
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
24. 24.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
25. 25.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
27. 27.A small business sells 50 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
28. 28.A small business selling glasses of chai had a revenue of ₹2205 and a profit of ₹175. What were its costs (in ₹)?
29. 29.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
30. 30.A small business sells 46 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
31. 31.A small business sells 53 potted plants at ₹20 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
33. 33.A small business selling glasses of chai had a revenue of ₹1080 and a profit of ₹250. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
35. 35.A small business sells 19 potted plants at ₹15 each. Its costs are ₹200. What is its profit (in ₹)?
36. 36.A small business sells 18 glasses of chai at ₹15 each. What is its revenue (in ₹)?
37. 37.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
38. 38.A small business sells 47 painted pebbles at ₹10 each. What is its revenue (in ₹)?
39. 39.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
40. 40.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody

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