Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 267 · 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 potted plants had a revenue of ₹80 and a profit of ₹60. What were its costs (in ₹)?
2. 2.A small business selling painted pebbles had a revenue of ₹320 and a profit of ₹70. What were its costs (in ₹)?
3. 3.True or false: “run by directors” is true of a company. (a) True (b) False
4. 4.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
5. 5.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.A small business sells 32 clay diyas at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.A small business selling cupcakes had a revenue of ₹510 and a profit of ₹270. What were its costs (in ₹)?
10. 10.A small business selling glasses of chai had a revenue of ₹1350 and a profit of ₹820. What were its costs (in ₹)?
11. 11.A small business sells 24 fruit cups at ₹50 each. What is its revenue (in ₹)?
12. 12.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
13. 13.A small business sells 17 potted plants at ₹40 each. Its costs are ₹10. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
15. 15.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
16. 16.A small business sells 20 fruit cups at ₹25 each. Its costs are ₹40. What is its profit (in ₹)?
17. 17.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
18. 18.A small business sells 37 handmade cards at ₹45 each. Its costs are ₹1020. What is its profit (in ₹)?
19. 19.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
20. 20.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
21. 21.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
22. 22.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
23. 23.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
24. 24.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) simplest to start (d) owned by shareholders
27. 27.A small business selling jute bags had a revenue of ₹720 and a profit of ₹310. What were its costs (in ₹)?
28. 28.A small business selling friendship bands had a revenue of ₹615 and a profit of ₹395. What were its costs (in ₹)?
29. 29.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
30. 30.A small business sells 34 painted pebbles at ₹40 each. Its costs are ₹650. What is its profit (in ₹)?
31. 31.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
32. 32.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
33. 33.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
34. 34.True or false: “a separate legal body” is true of a company. (a) False (b) True
35. 35.A small business sells 29 bags of popcorn at ₹25 each. Its costs are ₹300. What is its profit (in ₹)?
36. 36.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
37. 37.A small business sells 52 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
38. 38.A small business sells 60 handmade cards at ₹45 each. What is its revenue (in ₹)?
39. 39.A small business sells 28 handmade cards at ₹45 each. What is its revenue (in ₹)?
40. 40.A small business sells 48 paper bookmarks at ₹45 each. Its costs are ₹1550. What is its profit (in ₹)?

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