Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 990 · 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.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner owes the debts
2. 2.A small business sells 51 clay diyas at ₹30 each. What is its revenue (in ₹)?
3. 3.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
4. 4.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
5. 5.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owned by shareholders
6. 6.True or false: “one owner runs it” is true of a company. (a) True (b) False
7. 7.A small business sells 25 cupcakes at ₹30 each. Its costs are ₹190. What is its profit (in ₹)?
8. 8.A small business sells 24 bags of popcorn at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
10. 10.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.A small business sells 23 handmade cards at ₹5 each. What is its revenue (in ₹)?
13. 13.A small business selling bags of popcorn had a revenue of ₹840 and a profit of ₹440. What were its costs (in ₹)?
14. 14.A small business sells 10 handmade cards at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
15. 15.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
16. 16.A small business selling jute bags had a revenue of ₹1800 and a profit of ₹100. What were its costs (in ₹)?
17. 17.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) run by directors (d) owner keeps all profit
18. 18.A small business sells 36 glasses of chai at ₹50 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
20. 20.A small business selling bags of popcorn had a revenue of ₹2360 and a profit of ₹2330. What were its costs (in ₹)?
21. 21.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
22. 22.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
23. 23.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
25. 25.A small business sells 43 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
26. 26.📜 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
27. 27.A small business sells 33 friendship bands at ₹15 each. Its costs are ₹450. What is its profit (in ₹)?
28. 28.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) one owner runs it
29. 29.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
30. 30.A small business sells 17 fruit cups at ₹30 each. Its costs are ₹130. What is its profit (in ₹)?
31. 31.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner owes the debts (d) one owner runs it
32. 32.A small business sells 56 glasses of chai at ₹10 each. What is its revenue (in ₹)?
33. 33.A small business selling painted pebbles had a revenue of ₹220 and a profit of ₹120. What were its costs (in ₹)?
34. 34.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.A small business sells 39 painted pebbles at ₹5 each. What is its revenue (in ₹)?
37. 37.A small business sells 15 fruit cups at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
38. 38.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) owners’ risk is limited
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 44 cupcakes at ₹15 each. What is its revenue (in ₹)?

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