Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 244 · 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.True or false: “simplest to start” is true of a company. (a) False (b) True
2. 2.A small business sells 33 potted plants at ₹40 each. What is its revenue (in ₹)?
3. 3.A small business sells 54 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
4. 4.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
5. 5.A small business sells 45 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
6. 6.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
8. 8.True or false: “owned by shareholders” is true of a company. (a) True (b) False
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
10. 10.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
11. 11.A small business sells 25 friendship bands at ₹45 each. What is its revenue (in ₹)?
12. 12.A small business sells 28 paper bookmarks at ₹10 each. Its costs are ₹180. What is its profit (in ₹)?
13. 13.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
14. 14.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
15. 15.A small business selling bags of popcorn had a revenue of ₹500 and a profit of ₹180. What were its costs (in ₹)?
16. 16.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
18. 18.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
19. 19.A small business sells 19 paper bookmarks at ₹15 each. Its costs are ₹120. What is its profit (in ₹)?
20. 20.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) a separate legal body
21. 21.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
22. 22.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
24. 24.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
25. 25.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
26. 26.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
27. 27.A small business sells 36 painted pebbles at ₹10 each. What is its revenue (in ₹)?
28. 28.A small business selling painted pebbles had a revenue of ₹640 and a profit of ₹230. What were its costs (in ₹)?
29. 29.A small business selling friendship bands had a revenue of ₹550 and a profit of ₹360. What were its costs (in ₹)?
30. 30.A small business selling cupcakes had a revenue of ₹1600 and a profit of ₹280. What were its costs (in ₹)?
31. 31.A small business sells 29 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
33. 33.A small business selling cupcakes had a revenue of ₹150 and a profit of ₹40. What were its costs (in ₹)?
34. 34.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) owners’ risk is limited
35. 35.A small business selling cups of lemonade had a revenue of ₹2385 and a profit of ₹445. What were its costs (in ₹)?
36. 36.A small business selling cupcakes had a revenue of ₹480 and a profit of ₹270. What were its costs (in ₹)?
37. 37.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
38. 38.A small business sells 43 painted pebbles at ₹50 each. Its costs are ₹130. What is its profit (in ₹)?
39. 39.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) a separate legal body
40. 40.A small business sells 36 cupcakes at ₹25 each. Its costs are ₹580. What is its profit (in ₹)?

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