Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 227 · 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: money in before costs? (a) profit (b) revenue
2. 2.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) a separate legal body
4. 4.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
5. 5.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
6. 6.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
7. 7.True or false: “one owner runs it” is true of a company. (a) True (b) False
8. 8.A small business sells 20 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.True or false: “run by directors” is true of a sole trader. (a) False (b) True
11. 11.A small business selling potted plants had a revenue of ₹880 and a profit of ₹560. What were its costs (in ₹)?
12. 12.A small business sells 17 handmade cards at ₹10 each. What is its revenue (in ₹)?
13. 13.A small business sells 35 clay diyas at ₹35 each. Its costs are ₹110. What is its profit (in ₹)?
14. 14.A small business sells 30 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
15. 15.A small business sells 37 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
16. 16.A small business selling handmade cards had a revenue of ₹1300 and a profit of ₹1100. What were its costs (in ₹)?
17. 17.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
19. 19.A small business sells 53 fruit cups at ₹25 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
21. 21.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
22. 22.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
23. 23.A small business selling bags of popcorn had a revenue of ₹195 and a profit of ₹55. What were its costs (in ₹)?
24. 24.A small business sells 39 cupcakes at ₹40 each. What is its revenue (in ₹)?
25. 25.A small business selling fruit cups had a revenue of ₹190 and a profit of ₹20. What were its costs (in ₹)?
26. 26.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
27. 27.A small business selling cups of lemonade had a revenue of ₹345 and a profit of ₹105. What were its costs (in ₹)?
28. 28.A small business sells 20 glasses of chai at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
30. 30.True or false: “simplest to start” is true of a company. (a) False (b) True
31. 31.A small business sells 35 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
32. 32.A small business selling friendship bands had a revenue of ₹1200 and a profit of ₹120. What were its costs (in ₹)?
33. 33.A small business sells 11 clay diyas at ₹50 each. Its costs are ₹20. What is its profit (in ₹)?
34. 34.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
35. 35.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
36. 36.True or false: “owned by shareholders” is true of a company. (a) True (b) False
37. 37.A small business sells 28 glasses of chai at ₹50 each. Its costs are ₹1220. What is its profit (in ₹)?
38. 38.A small business sells 59 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
39. 39.A small business sells 12 friendship bands at ₹30 each. Its costs are ₹340. What is its profit (in ₹)?
40. 40.A small business sells 22 cups of lemonade at ₹50 each. What is its revenue (in ₹)?

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