Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 117 · 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 glasses of chai had a revenue of ₹950 and a profit of ₹610. What were its costs (in ₹)?
2. 2.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
3. 3.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
4. 4.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
5. 5.A small business selling fruit cups had a revenue of ₹1140 and a profit of ₹720. What were its costs (in ₹)?
6. 6.A small business selling handmade cards had a revenue of ₹2565 and a profit of ₹1565. What were its costs (in ₹)?
7. 7.A small business selling friendship bands had a revenue of ₹1155 and a profit of ₹55. What were its costs (in ₹)?
8. 8.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) run by directors
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.True or false: “owned by shareholders” is true of a company. (a) False (b) True
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
14. 14.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
15. 15.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
16. 16.A small business selling cups of lemonade had a revenue of ₹300 and a profit of ₹260. What were its costs (in ₹)?
17. 17.🎂 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
18. 18.A small business sells 51 potted plants at ₹25 each. What is its revenue (in ₹)?
19. 19.A small business selling jute bags had a revenue of ₹270 and a profit of ₹10. What were its costs (in ₹)?
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) run by directors
21. 21.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
22. 22.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
23. 23.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
24. 24.A small business sells 43 handmade cards at ₹45 each. Its costs are ₹570. What is its profit (in ₹)?
25. 25.A small business sells 54 paper bookmarks at ₹10 each. Its costs are ₹380. What is its profit (in ₹)?
26. 26.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.A small business sells 17 bags of popcorn at ₹25 each. Its costs are ₹400. What is its profit (in ₹)?
29. 29.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
30. 30.A small business sells 18 handmade cards at ₹50 each. Its costs are ₹640. What is its profit (in ₹)?
31. 31.A small business sells 17 cupcakes at ₹15 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
33. 33.A small business sells 50 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) run by directors (d) a separate legal body
35. 35.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
36. 36.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
37. 37.A small business selling jute bags had a revenue of ₹2360 and a profit of ₹2180. What were its costs (in ₹)?
38. 38.A small business selling glasses of chai had a revenue of ₹300 and a profit of ₹120. What were its costs (in ₹)?
39. 39.A small business selling bags of popcorn had a revenue of ₹140 and a profit of ₹100. What were its costs (in ₹)?
40. 40.True or false: “simplest to start” is true of a company. (a) True (b) False

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