Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 978 · 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.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
2. 2.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
3. 3.📜 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
4. 4.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
5. 5.A small business sells 37 paper bookmarks at ₹5 each. Its costs are ₹170. What is its profit (in ₹)?
6. 6.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
7. 7.A small business sells 19 cups of lemonade at ₹50 each. Its costs are ₹240. What is its profit (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
9. 9.A small business sells 48 clay diyas at ₹30 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) simplest to start (d) owner owes the debts
11. 11.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
12. 12.True or false: “simplest to start” is true of a company. (a) True (b) False
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
14. 14.A small business selling clay diyas had a revenue of ₹1435 and a profit of ₹135. What were its costs (in ₹)?
15. 15.A small business selling cupcakes had a revenue of ₹630 and a profit of ₹450. What were its costs (in ₹)?
16. 16.A small business sells 31 handmade cards at ₹25 each. Its costs are ₹740. What is its profit (in ₹)?
17. 17.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
18. 18.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
19. 19.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
20. 20.A small business sells 46 handmade cards at ₹40 each. Its costs are ₹960. What is its profit (in ₹)?
21. 21.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
22. 22.A small business selling cupcakes had a revenue of ₹840 and a profit of ₹270. What were its costs (in ₹)?
23. 23.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
25. 25.A small business selling painted pebbles had a revenue of ₹1440 and a profit of ₹680. What were its costs (in ₹)?
26. 26.A small business sells 58 potted plants at ₹35 each. What is its revenue (in ₹)?
27. 27.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
28. 28.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
29. 29.A small business sells 55 glasses of chai at ₹25 each. Its costs are ₹100. What is its profit (in ₹)?
30. 30.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) owned by shareholders
31. 31.A small business selling handmade cards had a revenue of ₹70 and a profit of ₹20. What were its costs (in ₹)?
32. 32.A small business sells 30 painted pebbles at ₹20 each. Its costs are ₹310. What is its profit (in ₹)?
33. 33.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
34. 34.A small business selling bags of popcorn had a revenue of ₹480 and a profit of ₹20. What were its costs (in ₹)?
35. 35.A small business sells 15 friendship bands at ₹25 each. What is its revenue (in ₹)?
36. 36.True or false: “owner owes the debts” is true of a company. (a) False (b) True
37. 37.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
38. 38.A small business sells 41 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner keeps all profit (d) simplest to start
40. 40.True or false: “one owner runs it” is true of a company. (a) False (b) True

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