Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 232 · 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 glasses of chai had a revenue of ₹800 and a profit of ₹310. What were its costs (in ₹)?
2. 2.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
3. 3.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
4. 4.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
5. 5.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
6. 6.A small business sells 13 jute bags at ₹25 each. What is its revenue (in ₹)?
7. 7.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
8. 8.A small business sells 47 cupcakes at ₹25 each. What is its revenue (in ₹)?
9. 9.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
10. 10.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
11. 11.A small business sells 52 jute bags at ₹10 each. Its costs are ₹370. What is its profit (in ₹)?
12. 12.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
13. 13.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
14. 14.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
15. 15.A small business selling friendship bands had a revenue of ₹1395 and a profit of ₹915. What were its costs (in ₹)?
16. 16.A small business sells 27 fruit cups at ₹10 each. What is its revenue (in ₹)?
17. 17.True or false: “simplest to start” is true of a company. (a) True (b) False
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
19. 19.A small business sells 42 potted plants at ₹50 each. Its costs are ₹1980. What is its profit (in ₹)?
20. 20.A small business sells 57 cupcakes at ₹10 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) owned by shareholders
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
23. 23.A small business sells 39 handmade cards at ₹15 each. Its costs are ₹340. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
25. 25.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
26. 26.True or false: “owner owes the debts” is true of a company. (a) False (b) True
27. 27.A small business selling paper bookmarks had a revenue of ₹720 and a profit of ₹600. What were its costs (in ₹)?
28. 28.True or false: “run by directors” is true of a company. (a) False (b) True
29. 29.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
30. 30.A small business sells 54 friendship bands at ₹35 each. What is its revenue (in ₹)?
31. 31.A small business selling handmade cards had a revenue of ₹1470 and a profit of ₹1130. What were its costs (in ₹)?
32. 32.A small business sells 11 clay diyas at ₹15 each. What is its revenue (in ₹)?
33. 33.A small business sells 52 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
34. 34.A small business sells 43 friendship bands at ₹10 each. What is its revenue (in ₹)?
35. 35.A small business sells 16 cups of lemonade at ₹50 each. Its costs are ₹110. What is its profit (in ₹)?
36. 36.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) simplest to start
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
38. 38.A small business selling clay diyas had a revenue of ₹675 and a profit of ₹215. What were its costs (in ₹)?
39. 39.A small business sells 52 cupcakes at ₹30 each. What is its revenue (in ₹)?
40. 40.A small business sells 16 jute bags at ₹5 each. What is its revenue (in ₹)?

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