Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 443 · 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 30 fruit cups at ₹35 each. Its costs are ₹500. What is its profit (in ₹)?
2. 2.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owned by shareholders (d) one owner runs it
4. 4.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
5. 5.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
6. 6.A small business sells 44 potted plants at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
7. 7.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
8. 8.A small business selling cupcakes had a revenue of ₹475 and a profit of ₹45. What were its costs (in ₹)?
9. 9.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
10. 10.True or false: “one owner runs it” is true of a company. (a) False (b) True
11. 11.A small business sells 17 painted pebbles at ₹35 each. Its costs are ₹220. What is its profit (in ₹)?
12. 12.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
13. 13.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
14. 14.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
15. 15.True or false: “owner owes the debts” is true of a company. (a) True (b) False
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
17. 17.A small business selling cupcakes had a revenue of ₹720 and a profit of ₹170. What were its costs (in ₹)?
18. 18.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 56 painted pebbles at ₹25 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
22. 22.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
23. 23.A small business sells 49 handmade cards at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
24. 24.A small business sells 43 painted pebbles at ₹25 each. What is its revenue (in ₹)?
25. 25.A small business selling cupcakes had a revenue of ₹540 and a profit of ₹530. What were its costs (in ₹)?
26. 26.A small business selling paper bookmarks had a revenue of ₹900 and a profit of ₹170. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
28. 28.A small business sells 41 glasses of chai at ₹30 each. What is its revenue (in ₹)?
29. 29.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
30. 30.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) run by directors (d) owner owes the debts
31. 31.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
32. 32.True or false: “run by directors” is true of a company. (a) True (b) False
33. 33.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) simplest to start
34. 34.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.A small business selling jute bags had a revenue of ₹2950 and a profit of ₹1920. What were its costs (in ₹)?
37. 37.A small business sells 19 fruit cups at ₹35 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
39. 39.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
40. 40.📊 Revenue or profit: money in before costs? (a) revenue (b) profit

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