Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 124 · 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 company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner owes the debts
2. 2.A small business selling cupcakes had a revenue of ₹1560 and a profit of ₹660. What were its costs (in ₹)?
3. 3.A small business sells 25 handmade cards at ₹35 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
5. 5.True or false: “a separate legal body” is true of a company. (a) True (b) False
6. 6.A small business selling cupcakes had a revenue of ₹805 and a profit of ₹215. What were its costs (in ₹)?
7. 7.A small business sells 39 friendship bands at ₹15 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
9. 9.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
10. 10.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
11. 11.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
12. 12.A small business sells 43 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
13. 13.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
16. 16.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
17. 17.A small business selling potted plants had a revenue of ₹595 and a profit of ₹485. What were its costs (in ₹)?
18. 18.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
19. 19.True or false: “one owner runs it” is true of a company. (a) True (b) False
20. 20.A small business sells 19 cups of lemonade at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
21. 21.True or false: “run by directors” is true of a sole trader. (a) True (b) False
22. 22.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
23. 23.A small business sells 35 cups of lemonade at ₹10 each. Its costs are ₹160. What is its profit (in ₹)?
24. 24.A small business sells 45 clay diyas at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
25. 25.A small business sells 15 jute bags at ₹45 each. Its costs are ₹10. What is its profit (in ₹)?
26. 26.A small business selling clay diyas had a revenue of ₹1215 and a profit of ₹315. What were its costs (in ₹)?
27. 27.A small business sells 16 cups of lemonade at ₹45 each. Its costs are ₹390. What is its profit (in ₹)?
28. 28.A small business sells 14 cups of lemonade at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
29. 29.A small business sells 35 fruit cups at ₹40 each. Its costs are ₹310. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
31. 31.A small business sells 19 glasses of chai at ₹50 each. What is its revenue (in ₹)?
32. 32.True or false: “simplest to start” is true of a company. (a) False (b) True
33. 33.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
34. 34.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
35. 35.A small business sells 39 jute bags at ₹25 each. Its costs are ₹50. What is its profit (in ₹)?
36. 36.A small business sells 23 glasses of chai at ₹50 each. What is its revenue (in ₹)?
37. 37.A small business selling potted plants had a revenue of ₹925 and a profit of ₹185. What were its costs (in ₹)?
38. 38.A small business sells 12 bags of popcorn at ₹25 each. Its costs are ₹200. What is its profit (in ₹)?
39. 39.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
40. 40.A small business sells 28 friendship bands at ₹10 each. What is its revenue (in ₹)?

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