Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 442 · 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 paper bookmarks had a revenue of ₹460 and a profit of ₹270. What were its costs (in ₹)?
2. 2.A small business sells 22 jute bags at ₹20 each. Its costs are ₹40. What is its profit (in ₹)?
3. 3.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) simplest to start
4. 4.A small business sells 45 glasses of chai at ₹30 each. Its costs are ₹220. What is its profit (in ₹)?
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) run by directors
9. 9.A small business selling clay diyas had a revenue of ₹1425 and a profit of ₹1405. What were its costs (in ₹)?
10. 10.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
13. 13.True or false: “a separate legal body” is true of a company. (a) True (b) False
14. 14.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
15. 15.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
16. 16.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
17. 17.A small business sells 31 cupcakes at ₹40 each. Its costs are ₹720. What is its profit (in ₹)?
18. 18.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
22. 22.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) simplest to start (d) run by directors
23. 23.True or false: “run by directors” is true of a company. (a) True (b) False
24. 24.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
25. 25.A small business sells 27 jute bags at ₹45 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
27. 27.A small business selling handmade cards had a revenue of ₹2900 and a profit of ₹690. What were its costs (in ₹)?
28. 28.A small business sells 38 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
29. 29.A small business sells 22 bags of popcorn at ₹20 each. Its costs are ₹400. What is its profit (in ₹)?
30. 30.A small business sells 30 handmade cards at ₹40 each. What is its revenue (in ₹)?
31. 31.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
32. 32.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
33. 33.A small business sells 17 fruit cups at ₹40 each. Its costs are ₹260. What is its profit (in ₹)?
34. 34.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
35. 35.A small business selling painted pebbles had a revenue of ₹455 and a profit of ₹225. What were its costs (in ₹)?
36. 36.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) owner owes the debts
37. 37.A small business sells 45 bags of popcorn at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
38. 38.A small business selling handmade cards had a revenue of ₹1000 and a profit of ₹970. What were its costs (in ₹)?
39. 39.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) run by directors
40. 40.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit

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