Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 275 · 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 sells 21 handmade cards at ₹20 each. Its costs are ₹390. What is its profit (in ₹)?
2. 2.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
3. 3.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
4. 4.A small business sells 59 potted plants at ₹20 each. Its costs are ₹330. What is its profit (in ₹)?
5. 5.A small business sells 53 painted pebbles at ₹45 each. What is its revenue (in ₹)?
6. 6.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
7. 7.A small business sells 50 painted pebbles at ₹45 each. Its costs are ₹260. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
9. 9.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
10. 10.A small business selling paper bookmarks had a revenue of ₹1920 and a profit of ₹1670. What were its costs (in ₹)?
11. 11.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
12. 12.A small business sells 14 cupcakes at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
13. 13.A small business sells 19 fruit cups at ₹45 each. Its costs are ₹290. What is its profit (in ₹)?
14. 14.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) a separate legal body
15. 15.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
16. 16.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
17. 17.A small business selling cups of lemonade had a revenue of ₹600 and a profit of ₹550. What were its costs (in ₹)?
18. 18.True or false: “owner owes the debts” is true of a company. (a) False (b) True
19. 19.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
20. 20.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
21. 21.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
22. 22.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
23. 23.A small business sells 54 bags of popcorn at ₹5 each. Its costs are ₹220. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
25. 25.A small business selling painted pebbles had a revenue of ₹1350 and a profit of ₹470. What were its costs (in ₹)?
26. 26.A small business sells 17 friendship bands at ₹40 each. Its costs are ₹460. What is its profit (in ₹)?
27. 27.A small business sells 57 potted plants at ₹40 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) simplest to start
29. 29.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
30. 30.A small business sells 56 bags of popcorn at ₹45 each. Its costs are ₹1770. What is its profit (in ₹)?
31. 31.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
32. 32.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
33. 33.A small business selling cups of lemonade had a revenue of ₹630 and a profit of ₹620. What were its costs (in ₹)?
34. 34.A small business sells 22 jute bags at ₹15 each. Its costs are ₹10. What is its profit (in ₹)?
35. 35.A small business sells 57 cupcakes at ₹50 each. Its costs are ₹70. What is its profit (in ₹)?
36. 36.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner owes the debts (d) owner keeps all profit
37. 37.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
38. 38.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
39. 39.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
40. 40.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company

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