Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 288 · 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: “a separate legal body” is true of a sole trader. (a) False (b) True
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
3. 3.A small business sells 17 painted pebbles at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
4. 4.A small business selling cups of lemonade had a revenue of ₹2655 and a profit of ₹505. What were its costs (in ₹)?
5. 5.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
6. 6.A small business sells 26 fruit cups at ₹30 each. Its costs are ₹650. What is its profit (in ₹)?
7. 7.A small business sells 36 cupcakes at ₹20 each. Its costs are ₹320. What is its profit (in ₹)?
8. 8.A small business selling potted plants had a revenue of ₹1120 and a profit of ₹810. What were its costs (in ₹)?
9. 9.A small business sells 38 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) simplest to start
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.A small business sells 34 cups of lemonade at ₹45 each. Its costs are ₹790. What is its profit (in ₹)?
13. 13.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
14. 14.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
15. 15.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
17. 17.A small business sells 27 handmade cards at ₹5 each. What is its revenue (in ₹)?
18. 18.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
19. 19.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
21. 21.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
22. 22.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
23. 23.A small business selling fruit cups had a revenue of ₹1050 and a profit of ₹770. What were its costs (in ₹)?
24. 24.A small business sells 55 handmade cards at ₹30 each. What is its revenue (in ₹)?
25. 25.A small business sells 36 friendship bands at ₹20 each. What is its revenue (in ₹)?
26. 26.A small business sells 47 jute bags at ₹25 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
28. 28.A small business selling friendship bands had a revenue of ₹1750 and a profit of ₹1150. What were its costs (in ₹)?
29. 29.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
30. 30.A small business sells 23 paper bookmarks at ₹20 each. Its costs are ₹220. What is its profit (in ₹)?
31. 31.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
32. 32.A small business selling cupcakes had a revenue of ₹250 and a profit of ₹200. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
34. 34.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
35. 35.A small business sells 37 paper bookmarks at ₹35 each. Its costs are ₹540. What is its profit (in ₹)?
36. 36.A small business sells 39 cupcakes at ₹25 each. Its costs are ₹340. What is its profit (in ₹)?
37. 37.A small business sells 27 handmade cards at ₹40 each. What is its revenue (in ₹)?
38. 38.A small business sells 31 fruit cups at ₹40 each. Its costs are ₹720. What is its profit (in ₹)?
39. 39.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) one owner runs it
40. 40.A small business selling fruit cups had a revenue of ₹300 and a profit of ₹40. What were its costs (in ₹)?

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