Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 435 · 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 60 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
2. 2.A small business sells 22 jute bags at ₹40 each. Its costs are ₹530. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.A small business selling friendship bands had a revenue of ₹235 and a profit of ₹215. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
6. 6.True or false: “one owner runs it” is true of a company. (a) False (b) True
7. 7.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
8. 8.A small business sells 13 friendship bands at ₹40 each. What is its revenue (in ₹)?
9. 9.True or false: “owned by shareholders” is true of a company. (a) True (b) False
10. 10.A small business sells 13 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
11. 11.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
12. 12.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) simplest to start (d) owner owes the debts
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) owner keeps all profit
15. 15.True or false: “run by directors” is true of a company. (a) False (b) True
16. 16.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
17. 17.A small business selling fruit cups had a revenue of ₹480 and a profit of ₹300. What were its costs (in ₹)?
18. 18.A small business sells 47 fruit cups at ₹30 each. Its costs are ₹220. What is its profit (in ₹)?
19. 19.A small business sells 59 glasses of chai at ₹20 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit
21. 21.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
22. 22.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
23. 23.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) one owner runs it
24. 24.📜 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
25. 25.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
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) owned by shareholders
27. 27.A small business selling friendship bands had a revenue of ₹525 and a profit of ₹175. What were its costs (in ₹)?
28. 28.A small business sells 22 potted plants at ₹10 each. Its costs are ₹160. What is its profit (in ₹)?
29. 29.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
30. 30.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
31. 31.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
32. 32.A small business selling cups of lemonade had a revenue of ₹420 and a profit of ₹200. What were its costs (in ₹)?
33. 33.A small business selling glasses of chai had a revenue of ₹1215 and a profit of ₹1115. What were its costs (in ₹)?
34. 34.A small business selling bags of popcorn had a revenue of ₹720 and a profit of ₹590. What were its costs (in ₹)?
35. 35.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
36. 36.A small business sells 18 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
37. 37.A small business sells 12 jute bags at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
38. 38.A small business selling friendship bands had a revenue of ₹1960 and a profit of ₹1690. What were its costs (in ₹)?
39. 39.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
40. 40.A small business selling glasses of chai had a revenue of ₹1440 and a profit of ₹1350. What were its costs (in ₹)?

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