Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 431 · 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.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
2. 2.A small business selling cupcakes had a revenue of ₹555 and a profit of ₹425. What were its costs (in ₹)?
3. 3.A small business sells 60 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
4. 4.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
5. 5.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
6. 6.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
8. 8.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
9. 9.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner owes the debts (d) one owner runs it
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
11. 11.A small business sells 41 jute bags at ₹25 each. What is its revenue (in ₹)?
12. 12.A small business sells 58 cupcakes at ₹45 each. What is its revenue (in ₹)?
13. 13.A small business selling handmade cards had a revenue of ₹1160 and a profit of ₹330. What were its costs (in ₹)?
14. 14.A small business sells 25 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.📜 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
17. 17.A small business sells 46 friendship bands at ₹35 each. Its costs are ₹80. What is its profit (in ₹)?
18. 18.True or false: “owned by shareholders” is true of a company. (a) False (b) True
19. 19.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
20. 20.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
21. 21.A small business sells 41 bags of popcorn at ₹45 each. Its costs are ₹750. What is its profit (in ₹)?
22. 22.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
23. 23.A small business selling fruit cups had a revenue of ₹1840 and a profit of ₹1130. What were its costs (in ₹)?
24. 24.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
25. 25.A small business sells 31 cups of lemonade at ₹35 each. Its costs are ₹890. What is its profit (in ₹)?
26. 26.A small business sells 34 paper bookmarks at ₹35 each. Its costs are ₹280. What is its profit (in ₹)?
27. 27.A small business sells 12 bags of popcorn at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
28. 28.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
29. 29.A small business sells 47 handmade cards at ₹35 each. What is its revenue (in ₹)?
30. 30.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) run by directors
31. 31.A small business selling painted pebbles had a revenue of ₹660 and a profit of ₹590. What were its costs (in ₹)?
32. 32.A small business selling painted pebbles had a revenue of ₹675 and a profit of ₹315. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
34. 34.A small business sells 34 cups of lemonade at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
36. 36.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
37. 37.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
38. 38.A small business sells 31 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
39. 39.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
40. 40.A small business sells 44 clay diyas at ₹30 each. What is its revenue (in ₹)?

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