Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 304 · 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 company. (a) False (b) True
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
3. 3.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
4. 4.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
5. 5.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
6. 6.A small business sells 60 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
8. 8.A small business selling potted plants had a revenue of ₹700 and a profit of ₹170. What were its costs (in ₹)?
9. 9.A small business sells 49 jute bags at ₹50 each. What is its revenue (in ₹)?
10. 10.A small business sells 47 potted plants at ₹15 each. Its costs are ₹520. What is its profit (in ₹)?
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
12. 12.A small business sells 32 handmade cards at ₹20 each. What is its revenue (in ₹)?
13. 13.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner keeps all profit (d) owned by shareholders
14. 14.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
15. 15.A small business selling paper bookmarks had a revenue of ₹1155 and a profit of ₹215. What were its costs (in ₹)?
16. 16.A small business selling cups of lemonade had a revenue of ₹200 and a profit of ₹120. What were its costs (in ₹)?
17. 17.A small business sells 35 painted pebbles at ₹45 each. What is its revenue (in ₹)?
18. 18.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
19. 19.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
20. 20.A small business sells 60 handmade cards at ₹45 each. What is its revenue (in ₹)?
21. 21.A small business sells 21 handmade cards at ₹50 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
23. 23.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
24. 24.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
25. 25.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
26. 26.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) simplest to start
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
28. 28.A small business sells 53 cupcakes at ₹40 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner owes the debts (d) owner keeps all profit
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
31. 31.A small business sells 60 handmade cards at ₹45 each. Its costs are ₹490. What is its profit (in ₹)?
32. 32.A small business selling jute bags had a revenue of ₹95 and a profit of ₹25. What were its costs (in ₹)?
33. 33.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
34. 34.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) run by directors (d) owner keeps all profit
35. 35.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
36. 36.A small business selling handmade cards had a revenue of ₹990 and a profit of ₹720. What were its costs (in ₹)?
37. 37.A small business sells 49 clay diyas at ₹25 each. What is its revenue (in ₹)?
38. 38.A small business selling bags of popcorn had a revenue of ₹2400 and a profit of ₹2240. What were its costs (in ₹)?
39. 39.A small business sells 34 cups of lemonade at ₹50 each. Its costs are ₹1420. What is its profit (in ₹)?
40. 40.A small business sells 12 fruit cups at ₹50 each. Its costs are ₹90. What is its profit (in ₹)?

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