Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 395 · 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 selling glasses of chai had a revenue of ₹495 and a profit of ₹115. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
3. 3.A small business selling potted plants had a revenue of ₹680 and a profit of ₹500. What were its costs (in ₹)?
4. 4.A small business sells 16 handmade cards at ₹30 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.True or false: “owner owes the debts” is true of a company. (a) True (b) False
7. 7.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
8. 8.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
9. 9.A small business sells 58 clay diyas at ₹20 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) owned by shareholders (d) a separate legal body
11. 11.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
12. 12.A small business selling painted pebbles had a revenue of ₹285 and a profit of ₹65. What were its costs (in ₹)?
13. 13.A small business selling handmade cards had a revenue of ₹345 and a profit of ₹195. What were its costs (in ₹)?
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
15. 15.A small business sells 30 jute bags at ₹15 each. What is its revenue (in ₹)?
16. 16.A small business sells 30 painted pebbles at ₹5 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
18. 18.True or false: “a separate legal body” is true of a company. (a) False (b) True
19. 19.A small business sells 21 handmade cards at ₹40 each. Its costs are ₹470. What is its profit (in ₹)?
20. 20.A small business sells 11 cupcakes at ₹35 each. What is its revenue (in ₹)?
21. 21.A small business selling cups of lemonade had a revenue of ₹1680 and a profit of ₹470. What were its costs (in ₹)?
22. 22.A small business sells 50 painted pebbles at ₹40 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
24. 24.A small business sells 17 cupcakes at ₹45 each. What is its revenue (in ₹)?
25. 25.True or false: “run by directors” is true of a sole trader. (a) True (b) False
26. 26.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
27. 27.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
28. 28.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
29. 29.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
30. 30.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
31. 31.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
32. 32.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
33. 33.A small business sells 39 painted pebbles at ₹30 each. What is its revenue (in ₹)?
34. 34.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
36. 36.A small business selling bags of popcorn had a revenue of ₹180 and a profit of ₹80. What were its costs (in ₹)?
37. 37.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
38. 38.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
39. 39.A small business selling bags of popcorn had a revenue of ₹980 and a profit of ₹550. What were its costs (in ₹)?
40. 40.A small business selling fruit cups had a revenue of ₹2550 and a profit of ₹1500. What were its costs (in ₹)?

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