Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 285 · 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.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
2. 2.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
3. 3.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
4. 4.A small business sells 23 cups of lemonade at ₹20 each. Its costs are ₹380. What is its profit (in ₹)?
5. 5.A small business sells 27 handmade cards at ₹25 each. Its costs are ₹200. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
7. 7.A small business sells 36 bags of popcorn at ₹25 each. Its costs are ₹450. What is its profit (in ₹)?
8. 8.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
9. 9.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
10. 10.A small business sells 49 painted pebbles at ₹30 each. What is its revenue (in ₹)?
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.A small business selling glasses of chai had a revenue of ₹805 and a profit of ₹15. What were its costs (in ₹)?
13. 13.A small business selling handmade cards had a revenue of ₹450 and a profit of ₹190. What were its costs (in ₹)?
14. 14.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
15. 15.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner keeps all profit
16. 16.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
17. 17.A small business sells 41 jute bags at ₹45 each. What is its revenue (in ₹)?
18. 18.True or false: “simplest to start” is true of a company. (a) False (b) True
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
20. 20.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
21. 21.A small business sells 53 clay diyas at ₹10 each. What is its revenue (in ₹)?
22. 22.A small business sells 27 glasses of chai at ₹5 each. What is its revenue (in ₹)?
23. 23.A small business sells 37 painted pebbles at ₹30 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.True or false: “run by directors” is true of a company. (a) False (b) True
26. 26.True or false: “one owner runs it” is true of a company. (a) False (b) True
27. 27.A small business selling jute bags had a revenue of ₹2000 and a profit of ₹1410. What were its costs (in ₹)?
28. 28.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
29. 29.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) one owner runs it (d) simplest to start
30. 30.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
31. 31.A small business selling painted pebbles had a revenue of ₹650 and a profit of ₹370. What were its costs (in ₹)?
32. 32.A small business sells 43 jute bags at ₹30 each. What is its revenue (in ₹)?
33. 33.A small business selling cups of lemonade had a revenue of ₹260 and a profit of ₹160. What were its costs (in ₹)?
34. 34.A small business sells 56 painted pebbles at ₹15 each. Its costs are ₹240. What is its profit (in ₹)?
35. 35.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owned by shareholders
36. 36.True or false: “a separate legal body” is true of a company. (a) True (b) False
37. 37.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
38. 38.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
39. 39.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
40. 40.A small business selling painted pebbles had a revenue of ₹1800 and a profit of ₹1440. What were its costs (in ₹)?

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