Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 121 · 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.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
2. 2.True or false: “one owner runs it” is true of a company. (a) True (b) False
3. 3.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
4. 4.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
5. 5.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owned by shareholders (d) owners’ risk is limited
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
7. 7.A small business selling bags of popcorn had a revenue of ₹900 and a profit of ₹450. What were its costs (in ₹)?
8. 8.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
9. 9.A small business sells 51 fruit cups at ₹50 each. Its costs are ₹870. What is its profit (in ₹)?
10. 10.A small business sells 24 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
11. 11.A small business sells 18 jute bags at ₹40 each. Its costs are ₹390. What is its profit (in ₹)?
12. 12.A small business sells 15 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.A small business selling jute bags had a revenue of ₹2200 and a profit of ₹2100. What were its costs (in ₹)?
15. 15.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
16. 16.A small business sells 54 jute bags at ₹50 each. Its costs are ₹300. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
18. 18.A small business sells 52 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
19. 19.A small business selling potted plants had a revenue of ₹350 and a profit of ₹130. What were its costs (in ₹)?
20. 20.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owned by shareholders
22. 22.True or false: “owner owes the debts” is true of a company. (a) True (b) False
23. 23.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) one owner runs it (d) simplest to start
24. 24.A small business selling fruit cups had a revenue of ₹1900 and a profit of ₹1350. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
26. 26.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
27. 27.A small business sells 29 cups of lemonade at ₹25 each. Its costs are ₹650. What is its profit (in ₹)?
28. 28.A small business sells 52 painted pebbles at ₹20 each. Its costs are ₹1010. What is its profit (in ₹)?
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
30. 30.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
31. 31.True or false: “run by directors” is true of a sole trader. (a) True (b) False
32. 32.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) simplest to start
33. 33.A small business sells 12 paper bookmarks at ₹15 each. Its costs are ₹170. What is its profit (in ₹)?
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 53 cupcakes at ₹40 each. Its costs are ₹1540. What is its profit (in ₹)?
36. 36.A small business selling fruit cups had a revenue of ₹1600 and a profit of ₹1310. What were its costs (in ₹)?
37. 37.A small business sells 27 painted pebbles at ₹25 each. Its costs are ₹50. What is its profit (in ₹)?
38. 38.A small business sells 22 potted plants at ₹35 each. What is its revenue (in ₹)?
39. 39.A small business sells 55 friendship bands at ₹5 each. What is its revenue (in ₹)?
40. 40.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue

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