Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 246 · 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 ₹2070 and a profit of ₹1900. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.A small business selling jute bags had a revenue of ₹1140 and a profit of ₹760. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) owner owes the debts
6. 6.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
7. 7.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) one owner runs it
8. 8.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
9. 9.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
10. 10.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
11. 11.A small business sells 54 potted plants at ₹20 each. What is its revenue (in ₹)?
12. 12.A small business sells 54 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
13. 13.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
14. 14.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
15. 15.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
16. 16.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.A small business sells 30 clay diyas at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
19. 19.A small business sells 14 bags of popcorn at ₹50 each. Its costs are ₹310. What is its profit (in ₹)?
20. 20.A small business sells 42 painted pebbles at ₹40 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owned by shareholders (d) one owner runs it
22. 22.🎂 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
23. 23.A small business selling handmade cards had a revenue of ₹1600 and a profit of ₹870. What were its costs (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
25. 25.A small business selling glasses of chai had a revenue of ₹1650 and a profit of ₹390. What were its costs (in ₹)?
26. 26.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
27. 27.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) simplest to start
28. 28.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
29. 29.A small business sells 37 jute bags at ₹35 each. What is its revenue (in ₹)?
30. 30.A small business selling bags of popcorn had a revenue of ₹510 and a profit of ₹170. What were its costs (in ₹)?
31. 31.True or false: “simplest to start” is true of a company. (a) False (b) True
32. 32.A small business sells 25 potted plants at ₹5 each. What is its revenue (in ₹)?
33. 33.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
34. 34.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
35. 35.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
36. 36.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
37. 37.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner keeps all profit
38. 38.A small business selling bags of popcorn had a revenue of ₹155 and a profit of ₹125. What were its costs (in ₹)?
39. 39.True or false: “a separate legal body” is true of a company. (a) True (b) False
40. 40.A small business sells 50 painted pebbles at ₹30 each. What is its revenue (in ₹)?

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