Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 302 · 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 23 jute bags at ₹30 each. Its costs are ₹650. What is its profit (in ₹)?
2. 2.A small business sells 40 potted plants at ₹10 each. Its costs are ₹380. What is its profit (in ₹)?
3. 3.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner owes the debts
4. 4.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
7. 7.A small business sells 56 clay diyas at ₹10 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner owes the debts
9. 9.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) run by directors (d) owners’ risk is limited
10. 10.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
11. 11.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
13. 13.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
14. 14.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
16. 16.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
17. 17.A small business selling handmade cards had a revenue of ₹120 and a profit of ₹30. What were its costs (in ₹)?
18. 18.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
19. 19.A small business selling cups of lemonade had a revenue of ₹290 and a profit of ₹160. What were its costs (in ₹)?
20. 20.A small business sells 40 jute bags at ₹35 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
22. 22.A small business sells 47 glasses of chai at ₹15 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) run by directors (d) simplest to start
24. 24.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
25. 25.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
26. 26.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
28. 28.A small business sells 34 potted plants at ₹10 each. Its costs are ₹230. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
30. 30.A small business sells 33 handmade cards at ₹25 each. What is its revenue (in ₹)?
31. 31.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
32. 32.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
33. 33.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 30 cupcakes at ₹50 each. Its costs are ₹900. What is its profit (in ₹)?
35. 35.A small business sells 18 glasses of chai at ₹35 each. What is its revenue (in ₹)?
36. 36.A small business sells 23 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
37. 37.A small business sells 30 potted plants at ₹30 each. What is its revenue (in ₹)?
38. 38.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
39. 39.A small business selling glasses of chai had a revenue of ₹110 and a profit of ₹100. What were its costs (in ₹)?
40. 40.A small business selling friendship bands had a revenue of ₹235 and a profit of ₹225. What were its costs (in ₹)?

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