Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 960 · 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: run by directors? (a) a company (b) a sole trader
2. 2.A small business selling friendship bands had a revenue of ₹500 and a profit of ₹190. What were its costs (in ₹)?
3. 3.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
6. 6.A small business sells 44 cups of lemonade at ₹25 each. Its costs are ₹840. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
9. 9.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) owned by shareholders
10. 10.A small business sells 46 jute bags at ₹20 each. Its costs are ₹570. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
12. 12.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
13. 13.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
14. 14.A small business sells 10 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
16. 16.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) owners’ risk is limited
17. 17.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
18. 18.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
19. 19.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
20. 20.A small business selling glasses of chai had a revenue of ₹1300 and a profit of ₹610. What were its costs (in ₹)?
21. 21.A small business sells 50 friendship bands at ₹25 each. Its costs are ₹610. What is its profit (in ₹)?
22. 22.True or false: “simplest to start” is true of a company. (a) True (b) False
23. 23.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
24. 24.A small business sells 49 handmade cards at ₹50 each. What is its revenue (in ₹)?
25. 25.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
26. 26.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) one owner runs it
28. 28.A small business selling friendship bands had a revenue of ₹720 and a profit of ₹120. What were its costs (in ₹)?
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
30. 30.Which of these is true of a company? (a) run by directors (b) simplest to start (c) one owner runs it (d) owner owes the debts
31. 31.A small business sells 37 painted pebbles at ₹30 each. Its costs are ₹60. What is its profit (in ₹)?
32. 32.A small business selling fruit cups had a revenue of ₹195 and a profit of ₹155. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
34. 34.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
35. 35.A small business sells 34 cupcakes at ₹20 each. Its costs are ₹420. What is its profit (in ₹)?
36. 36.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) run by directors
37. 37.A small business sells 16 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
38. 38.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owned by shareholders
39. 39.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
40. 40.A small business sells 33 paper bookmarks at ₹50 each. Its costs are ₹550. What is its profit (in ₹)?

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