Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 160 · 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 sells 41 cups of lemonade at ₹5 each. Its costs are ₹140. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
3. 3.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
4. 4.A small business sells 14 friendship bands at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
5. 5.A small business sells 44 handmade cards at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
6. 6.True or false: “simplest to start” is true of a company. (a) False (b) True
7. 7.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) a separate legal body
8. 8.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
9. 9.A small business sells 24 handmade cards at ₹20 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
11. 11.A small business sells 22 jute bags at ₹40 each. Its costs are ₹310. What is its profit (in ₹)?
12. 12.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
13. 13.A small business selling paper bookmarks had a revenue of ₹1200 and a profit of ₹620. What were its costs (in ₹)?
14. 14.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
15. 15.True or false: “owner owes the debts” is true of a company. (a) True (b) False
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
17. 17.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
18. 18.🎂 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
19. 19.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
20. 20.A small business sells 35 friendship bands at ₹45 each. Its costs are ₹560. What is its profit (in ₹)?
21. 21.A small business sells 10 jute bags at ₹5 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) owned by shareholders
23. 23.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
24. 24.A small business selling clay diyas had a revenue of ₹1100 and a profit of ₹760. What were its costs (in ₹)?
25. 25.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owned by shareholders (d) simplest to start
26. 26.A small business sells 11 bags of popcorn at ₹25 each. Its costs are ₹40. What is its profit (in ₹)?
27. 27.A small business sells 43 potted plants at ₹20 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
29. 29.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
30. 30.True or false: “run by directors” is true of a sole trader. (a) True (b) False
31. 31.A small business selling potted plants had a revenue of ₹160 and a profit of ₹90. What were its costs (in ₹)?
32. 32.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) simplest to start (d) owner owes the debts
33. 33.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owners’ risk is limited
34. 34.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
35. 35.A small business selling jute bags had a revenue of ₹780 and a profit of ₹30. What were its costs (in ₹)?
36. 36.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
37. 37.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
38. 38.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
39. 39.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
40. 40.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts

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