Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 128 · 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 bags of popcorn had a revenue of ₹1320 and a profit of ₹210. What were its costs (in ₹)?
2. 2.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
3. 3.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
4. 4.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
5. 5.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
6. 6.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
7. 7.A small business sells 34 potted plants at ₹50 each. Its costs are ₹430. What is its profit (in ₹)?
8. 8.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
9. 9.A small business sells 21 fruit cups at ₹10 each. What is its revenue (in ₹)?
10. 10.A small business sells 56 clay diyas at ₹35 each. Its costs are ₹490. What is its profit (in ₹)?
11. 11.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
12. 12.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
13. 13.A small business sells 12 glasses of chai at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
14. 14.A small business sells 47 handmade cards at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
15. 15.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
16. 16.A small business sells 11 clay diyas at ₹45 each. Its costs are ₹10. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
18. 18.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
19. 19.A small business sells 44 jute bags at ₹35 each. Its costs are ₹50. What is its profit (in ₹)?
20. 20.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
21. 21.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
22. 22.A small business selling paper bookmarks had a revenue of ₹1400 and a profit of ₹550. What were its costs (in ₹)?
23. 23.A small business sells 19 cupcakes at ₹25 each. Its costs are ₹160. What is its profit (in ₹)?
24. 24.True or false: “a separate legal body” is true of a company. (a) True (b) False
25. 25.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
26. 26.A small business sells 55 painted pebbles at ₹10 each. Its costs are ₹310. What is its profit (in ₹)?
27. 27.A small business sells 36 potted plants at ₹35 each. What is its revenue (in ₹)?
28. 28.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
29. 29.A small business sells 35 painted pebbles at ₹30 each. Its costs are ₹300. What is its profit (in ₹)?
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) run by directors
31. 31.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) simplest to start (d) one owner runs it
32. 32.A small business selling jute bags had a revenue of ₹1000 and a profit of ₹30. What were its costs (in ₹)?
33. 33.A small business sells 10 potted plants at ₹20 each. Its costs are ₹150. What is its profit (in ₹)?
34. 34.True or false: “owner owes the debts” is true of a company. (a) True (b) False
35. 35.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
36. 36.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
37. 37.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
38. 38.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
39. 39.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owners’ risk is limited
40. 40.A small business sells 24 painted pebbles at ₹50 each. What is its revenue (in ₹)?

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