Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 130 · 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: goes up if costs fall? (a) profit (b) revenue
2. 2.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.A small business sells 17 glasses of chai at ₹35 each. What is its revenue (in ₹)?
5. 5.A small business sells 27 cups of lemonade at ₹45 each. Its costs are ₹420. What is its profit (in ₹)?
6. 6.A small business selling fruit cups had a revenue of ₹590 and a profit of ₹340. What were its costs (in ₹)?
7. 7.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner keeps all profit (d) owner owes the debts
8. 8.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
9. 9.True or false: “run by directors” is true of a company. (a) False (b) True
10. 10.A small business selling friendship bands had a revenue of ₹120 and a profit of ₹100. What were its costs (in ₹)?
11. 11.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
13. 13.A small business selling clay diyas had a revenue of ₹825 and a profit of ₹555. What were its costs (in ₹)?
14. 14.True or false: “owner owes the debts” is true of a company. (a) False (b) True
15. 15.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
16. 16.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
17. 17.A small business sells 31 clay diyas at ₹30 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
19. 19.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) owned by shareholders
21. 21.A small business selling clay diyas had a revenue of ₹800 and a profit of ₹60. What were its costs (in ₹)?
22. 22.A small business selling clay diyas had a revenue of ₹720 and a profit of ₹30. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
24. 24.A small business sells 54 jute bags at ₹35 each. What is its revenue (in ₹)?
25. 25.A small business sells 46 painted pebbles at ₹5 each. Its costs are ₹170. What is its profit (in ₹)?
26. 26.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
27. 27.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
28. 28.A small business sells 14 paper bookmarks at ₹35 each. Its costs are ₹20. What is its profit (in ₹)?
29. 29.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
30. 30.True or false: “simplest to start” is true of a company. (a) False (b) True
31. 31.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
32. 32.A small business sells 44 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
33. 33.A small business selling bags of popcorn had a revenue of ₹1120 and a profit of ₹130. What were its costs (in ₹)?
34. 34.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
35. 35.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner keeps all profit
36. 36.A small business selling handmade cards had a revenue of ₹600 and a profit of ₹470. What were its costs (in ₹)?
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
38. 38.A small business selling bags of popcorn had a revenue of ₹1995 and a profit of ₹625. What were its costs (in ₹)?
39. 39.A small business selling jute bags had a revenue of ₹1400 and a profit of ₹510. What were its costs (in ₹)?
40. 40.A small business sells 24 glasses of chai at ₹15 each. Its costs are ₹210. What is its profit (in ₹)?

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