Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 371 · 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 12 clay diyas at ₹50 each. Its costs are ₹380. What is its profit (in ₹)?
2. 2.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
3. 3.A small business sells 56 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
5. 5.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
6. 6.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
7. 7.True or false: “one owner runs it” is true of a company. (a) True (b) False
8. 8.True or false: “a separate legal body” is true of a company. (a) False (b) True
9. 9.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) a separate legal body
11. 11.A small business selling cups of lemonade had a revenue of ₹940 and a profit of ₹150. What were its costs (in ₹)?
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
13. 13.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
14. 14.A small business selling potted plants had a revenue of ₹950 and a profit of ₹910. What were its costs (in ₹)?
15. 15.🎂 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
16. 16.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
17. 17.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
18. 18.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
19. 19.True or false: “run by directors” is true of a sole trader. (a) True (b) False
20. 20.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
21. 21.A small business selling handmade cards had a revenue of ₹530 and a profit of ₹220. What were its costs (in ₹)?
22. 22.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
23. 23.A small business sells 31 clay diyas at ₹45 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
25. 25.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
26. 26.A small business selling cupcakes had a revenue of ₹2050 and a profit of ₹1310. What were its costs (in ₹)?
27. 27.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) owned by shareholders
28. 28.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) simplest to start (d) owner owes the debts
29. 29.A small business sells 46 cups of lemonade at ₹50 each. Its costs are ₹730. What is its profit (in ₹)?
30. 30.A small business sells 57 bags of popcorn at ₹50 each. Its costs are ₹2350. What is its profit (in ₹)?
31. 31.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
32. 32.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
33. 33.A small business selling potted plants had a revenue of ₹1100 and a profit of ₹300. What were its costs (in ₹)?
34. 34.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
35. 35.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) simplest to start (d) owned by shareholders
36. 36.A small business sells 22 jute bags at ₹50 each. Its costs are ₹430. What is its profit (in ₹)?
37. 37.A small business selling friendship bands had a revenue of ₹360 and a profit of ₹160. What were its costs (in ₹)?
38. 38.A small business selling painted pebbles had a revenue of ₹300 and a profit of ₹180. What were its costs (in ₹)?
39. 39.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) a separate legal body (d) owned by shareholders
40. 40.A small business sells 44 cups of lemonade at ₹35 each. What is its revenue (in ₹)?

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