Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 42 · 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 18 clay diyas at ₹40 each. What is its revenue (in ₹)?
2. 2.A small business selling potted plants had a revenue of ₹150 and a profit of ₹110. What were its costs (in ₹)?
3. 3.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
4. 4.True or false: “one owner runs it” is true of a company. (a) True (b) False
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.A small business sells 22 glasses of chai at ₹25 each. What is its revenue (in ₹)?
7. 7.A small business selling potted plants had a revenue of ₹1050 and a profit of ₹600. What were its costs (in ₹)?
8. 8.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
9. 9.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) run by directors (d) owners’ risk is limited
10. 10.A small business sells 44 glasses of chai at ₹45 each. What is its revenue (in ₹)?
11. 11.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
12. 12.True or false: “owner owes the debts” is true of a company. (a) False (b) True
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.A small business selling bags of popcorn had a revenue of ₹380 and a profit of ₹30. What were its costs (in ₹)?
15. 15.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) one owner runs it
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) simplest to start
17. 17.A small business selling bags of popcorn had a revenue of ₹2240 and a profit of ₹1740. What were its costs (in ₹)?
18. 18.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
19. 19.📜 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
20. 20.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
21. 21.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
22. 22.True or false: “owned by shareholders” is true of a company. (a) False (b) True
23. 23.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
24. 24.A small business sells 27 fruit cups at ₹45 each. Its costs are ₹980. What is its profit (in ₹)?
25. 25.A small business sells 59 fruit cups at ₹30 each. Its costs are ₹1370. What is its profit (in ₹)?
26. 26.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
27. 27.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) owned by shareholders
28. 28.A small business sells 38 jute bags at ₹50 each. Its costs are ₹1040. What is its profit (in ₹)?
29. 29.A small business sells 46 clay diyas at ₹20 each. Its costs are ₹280. What is its profit (in ₹)?
30. 30.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
31. 31.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
32. 32.A small business selling jute bags had a revenue of ₹135 and a profit of ₹115. What were its costs (in ₹)?
33. 33.A small business sells 10 jute bags at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
34. 34.A small business selling jute bags had a revenue of ₹690 and a profit of ₹260. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
37. 37.A small business selling handmade cards had a revenue of ₹1100 and a profit of ₹320. What were its costs (in ₹)?
38. 38.A small business sells 16 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
40. 40.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed

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