Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 967 · 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.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
2. 2.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
3. 3.A small business sells 52 cupcakes at ₹50 each. What is its revenue (in ₹)?
4. 4.A small business sells 12 handmade cards at ₹15 each. Its costs are ₹140. What is its profit (in ₹)?
5. 5.A small business sells 38 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
6. 6.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
7. 7.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
10. 10.A small business selling glasses of chai had a revenue of ₹2000 and a profit of ₹1240. What were its costs (in ₹)?
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.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
13. 13.A small business sells 49 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
14. 14.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
15. 15.A small business sells 48 fruit cups at ₹10 each. What is its revenue (in ₹)?
16. 16.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
17. 17.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
18. 18.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) simplest to start
20. 20.A small business sells 38 paper bookmarks at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
21. 21.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
22. 22.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
24. 24.True or false: “simplest to start” is true of a company. (a) False (b) True
25. 25.True or false: “one owner runs it” is true of a company. (a) False (b) True
26. 26.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
27. 27.A small business selling handmade cards had a revenue of ₹720 and a profit of ₹690. What were its costs (in ₹)?
28. 28.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
29. 29.A small business sells 50 glasses of chai at ₹45 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
31. 31.A small business sells 33 jute bags at ₹40 each. Its costs are ₹600. What is its profit (in ₹)?
32. 32.A small business selling painted pebbles had a revenue of ₹480 and a profit of ₹130. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
34. 34.True or false: “run by directors” is true of a sole trader. (a) True (b) False
35. 35.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
36. 36.A small business sells 27 clay diyas at ₹30 each. Its costs are ₹610. What is its profit (in ₹)?
37. 37.A small business selling painted pebbles had a revenue of ₹570 and a profit of ₹60. What were its costs (in ₹)?
38. 38.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
39. 39.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
40. 40.A small business sells 15 jute bags at ₹25 each. Its costs are ₹170. What is its profit (in ₹)?

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