Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 306 · 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: “simplest to start” is true of a company. (a) True (b) False
2. 2.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
4. 4.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
5. 5.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
6. 6.A small business sells 42 glasses of chai at ₹25 each. What is its revenue (in ₹)?
7. 7.A small business sells 11 clay diyas at ₹30 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) a separate legal body
9. 9.True or false: “run by directors” is true of a sole trader. (a) True (b) False
10. 10.A small business selling clay diyas had a revenue of ₹1060 and a profit of ₹820. What were its costs (in ₹)?
11. 11.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
12. 12.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
13. 13.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
14. 14.🎂 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
15. 15.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
17. 17.A small business sells 31 handmade cards at ₹30 each. What is its revenue (in ₹)?
18. 18.A small business sells 36 painted pebbles at ₹35 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
20. 20.A small business sells 31 jute bags at ₹45 each. Its costs are ₹300. What is its profit (in ₹)?
21. 21.A small business sells 21 handmade cards at ₹40 each. Its costs are ₹160. What is its profit (in ₹)?
22. 22.True or false: “one owner runs it” is true of a company. (a) True (b) False
23. 23.A small business sells 57 painted pebbles at ₹30 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
25. 25.A small business sells 25 glasses of chai at ₹40 each. Its costs are ₹960. What is its profit (in ₹)?
26. 26.True or false: “run by directors” is true of a company. (a) True (b) False
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
28. 28.A small business sells 40 fruit cups at ₹15 each. Its costs are ₹520. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
30. 30.A small business selling handmade cards had a revenue of ₹455 and a profit of ₹105. What were its costs (in ₹)?
31. 31.A small business sells 24 glasses of chai at ₹45 each. What is its revenue (in ₹)?
32. 32.A small business sells 16 glasses of chai at ₹40 each. What is its revenue (in ₹)?
33. 33.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
34. 34.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 30 jute bags at ₹30 each. Its costs are ₹410. What is its profit (in ₹)?
36. 36.A small business sells 12 bags of popcorn at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
38. 38.A small business sells 16 jute bags at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
39. 39.A small business selling handmade cards had a revenue of ₹2520 and a profit of ₹1070. What were its costs (in ₹)?
40. 40.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) run by directors

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