Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 969 · 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.📜 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
2. 2.A small business selling potted plants had a revenue of ₹780 and a profit of ₹120. What were its costs (in ₹)?
3. 3.A small business sells 28 jute bags at ₹45 each. What is its revenue (in ₹)?
4. 4.A small business sells 47 cupcakes at ₹25 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
7. 7.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
8. 8.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
9. 9.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
10. 10.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
11. 11.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
12. 12.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
13. 13.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) a separate legal body
14. 14.A small business sells 25 jute bags at ₹15 each. What is its revenue (in ₹)?
15. 15.A small business selling jute bags had a revenue of ₹2025 and a profit of ₹1015. What were its costs (in ₹)?
16. 16.A small business selling glasses of chai had a revenue of ₹1505 and a profit of ₹1435. What were its costs (in ₹)?
17. 17.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
18. 18.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
19. 19.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
20. 20.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
22. 22.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) run by directors
23. 23.A small business selling potted plants had a revenue of ₹2385 and a profit of ₹1325. What were its costs (in ₹)?
24. 24.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) a separate legal body
25. 25.A small business sells 28 clay diyas at ₹40 each. Its costs are ₹210. What is its profit (in ₹)?
26. 26.A small business selling jute bags had a revenue of ₹2120 and a profit of ₹1300. What were its costs (in ₹)?
27. 27.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
28. 28.A small business sells 54 friendship bands at ₹5 each. What is its revenue (in ₹)?
29. 29.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
30. 30.A small business selling handmade cards had a revenue of ₹1840 and a profit of ₹1290. What were its costs (in ₹)?
31. 31.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
32. 32.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
33. 33.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
34. 34.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
35. 35.A small business sells 14 cups of lemonade at ₹15 each. Its costs are ₹100. What is its profit (in ₹)?
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) owners’ risk is limited
37. 37.A small business sells 20 bags of popcorn at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
38. 38.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner owes the debts (d) simplest to start
39. 39.A small business selling clay diyas had a revenue of ₹700 and a profit of ₹400. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited

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