Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 446 · 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 11 bags of popcorn at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
2. 2.📜 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
3. 3.A small business selling bags of popcorn had a revenue of ₹320 and a profit of ₹160. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
5. 5.True or false: “simplest to start” is true of a company. (a) False (b) True
6. 6.A small business sells 14 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner keeps all profit
8. 8.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
9. 9.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
10. 10.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
11. 11.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
12. 12.A small business sells 14 cupcakes at ₹30 each. What is its revenue (in ₹)?
13. 13.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
14. 14.True or false: “a separate legal body” is true of a company. (a) True (b) False
15. 15.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) owner keeps all profit (d) simplest to start
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) simplest to start
17. 17.True or false: “run by directors” is true of a company. (a) False (b) True
18. 18.A small business sells 50 fruit cups at ₹30 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
21. 21.A small business sells 23 handmade cards at ₹10 each. What is its revenue (in ₹)?
22. 22.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
24. 24.A small business selling bags of popcorn had a revenue of ₹240 and a profit of ₹120. What were its costs (in ₹)?
25. 25.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) owners’ risk is limited
26. 26.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
27. 27.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
28. 28.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
29. 29.A small business selling cups of lemonade had a revenue of ₹1040 and a profit of ₹980. What were its costs (in ₹)?
30. 30.True or false: “owner owes the debts” is true of a company. (a) True (b) False
31. 31.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
32. 32.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
33. 33.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
34. 34.A small business selling jute bags had a revenue of ₹195 and a profit of ₹25. What were its costs (in ₹)?
35. 35.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
36. 36.A small business sells 44 cups of lemonade at ₹30 each. Its costs are ₹490. What is its profit (in ₹)?
37. 37.A small business sells 15 painted pebbles at ₹40 each. Its costs are ₹130. What is its profit (in ₹)?
38. 38.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
39. 39.A small business sells 19 friendship bands at ₹10 each. What is its revenue (in ₹)?
40. 40.A small business sells 22 cups of lemonade at ₹30 each. What is its revenue (in ₹)?

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