Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 196 · 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.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
2. 2.A small business sells 30 handmade cards at ₹35 each. Its costs are ₹410. What is its profit (in ₹)?
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) run by directors
4. 4.True or false: “run by directors” is true of a sole trader. (a) False (b) True
5. 5.A small business sells 60 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
6. 6.A small business sells 25 jute bags at ₹30 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) run by directors (d) owned by shareholders
8. 8.A small business sells 18 handmade cards at ₹35 each. Its costs are ₹340. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
10. 10.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
11. 11.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) run by directors
12. 12.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
13. 13.True or false: “a separate legal body” is true of a company. (a) True (b) False
14. 14.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
16. 16.A small business sells 37 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
18. 18.A small business sells 29 cups of lemonade at ₹20 each. Its costs are ₹340. What is its profit (in ₹)?
19. 19.A small business selling fruit cups had a revenue of ₹490 and a profit of ₹20. What were its costs (in ₹)?
20. 20.A small business sells 11 potted plants at ₹50 each. Its costs are ₹310. What is its profit (in ₹)?
21. 21.A small business sells 10 jute bags at ₹40 each. Its costs are ₹150. What is its profit (in ₹)?
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) one owner runs it (b) simplest to start (c) owner owes the debts (d) owned by shareholders
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.True or false: “one owner runs it” is true of a company. (a) True (b) False
26. 26.A small business sells 20 handmade cards at ₹35 each. What is its revenue (in ₹)?
27. 27.A small business sells 12 painted pebbles at ₹35 each. Its costs are ₹70. What is its profit (in ₹)?
28. 28.A small business sells 30 jute bags at ₹20 each. What is its revenue (in ₹)?
29. 29.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
30. 30.A small business sells 37 handmade cards at ₹40 each. What is its revenue (in ₹)?
31. 31.A small business selling handmade cards had a revenue of ₹1740 and a profit of ₹680. What were its costs (in ₹)?
32. 32.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
33. 33.A small business selling clay diyas had a revenue of ₹1410 and a profit of ₹380. What were its costs (in ₹)?
34. 34.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
35. 35.A small business selling cupcakes had a revenue of ₹2550 and a profit of ₹1010. What were its costs (in ₹)?
36. 36.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
37. 37.A small business selling paper bookmarks had a revenue of ₹495 and a profit of ₹85. What were its costs (in ₹)?
38. 38.A small business sells 36 friendship bands at ₹45 each. Its costs are ₹470. What is its profit (in ₹)?
39. 39.A small business selling potted plants had a revenue of ₹450 and a profit of ₹270. What were its costs (in ₹)?
40. 40.A small business sells 44 painted pebbles at ₹15 each. Its costs are ₹230. What is its profit (in ₹)?

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