Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 986 · 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 ₹490 and a profit of ₹480. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
3. 3.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
4. 4.True or false: “one owner runs it” is true of a company. (a) True (b) False
5. 5.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
6. 6.🎂 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
7. 7.A small business sells 53 friendship bands at ₹50 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
9. 9.A small business sells 51 friendship bands at ₹15 each. What is its revenue (in ₹)?
10. 10.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
12. 12.A small business sells 49 painted pebbles at ₹30 each. Its costs are ₹530. What is its profit (in ₹)?
13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
16. 16.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
17. 17.A small business selling paper bookmarks had a revenue of ₹120 and a profit of ₹30. What were its costs (in ₹)?
18. 18.A small business sells 24 cups of lemonade at ₹35 each. Its costs are ₹550. What is its profit (in ₹)?
19. 19.A small business sells 44 handmade cards at ₹10 each. What is its revenue (in ₹)?
20. 20.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
21. 21.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
22. 22.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
23. 23.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
24. 24.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
25. 25.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
26. 26.A small business selling potted plants had a revenue of ₹1850 and a profit of ₹870. What were its costs (in ₹)?
27. 27.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) simplest to start (d) owner keeps all profit
28. 28.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
29. 29.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
30. 30.A small business selling cups of lemonade had a revenue of ₹1395 and a profit of ₹55. What were its costs (in ₹)?
31. 31.A small business selling fruit cups had a revenue of ₹550 and a profit of ₹200. What were its costs (in ₹)?
32. 32.A small business sells 29 fruit cups at ₹25 each. Its costs are ₹700. What is its profit (in ₹)?
33. 33.A small business sells 29 fruit cups at ₹35 each. What is its revenue (in ₹)?
34. 34.A small business sells 44 clay diyas at ₹20 each. Its costs are ₹400. What is its profit (in ₹)?
35. 35.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) a separate legal body
36. 36.A small business sells 45 glasses of chai at ₹50 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
38. 38.True or false: “run by directors” is true of a sole trader. (a) True (b) False
39. 39.A small business selling fruit cups had a revenue of ₹2950 and a profit of ₹2230. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company

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