Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 457 · 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: price × number sold? (a) revenue (b) profit
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
3. 3.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
4. 4.A small business selling paper bookmarks had a revenue of ₹400 and a profit of ₹100. What were its costs (in ₹)?
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
6. 6.A small business selling cupcakes had a revenue of ₹480 and a profit of ₹430. What were its costs (in ₹)?
7. 7.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
8. 8.True or false: “owner owes the debts” is true of a company. (a) True (b) False
9. 9.A small business selling bags of popcorn had a revenue of ₹1015 and a profit of ₹345. What were its costs (in ₹)?
10. 10.A small business sells 52 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
11. 11.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) run by directors
12. 12.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
13. 13.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.A small business selling bags of popcorn had a revenue of ₹2100 and a profit of ₹1800. What were its costs (in ₹)?
16. 16.A small business sells 32 painted pebbles at ₹25 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
18. 18.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
19. 19.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
20. 20.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
21. 21.A small business sells 13 friendship bands at ₹5 each. What is its revenue (in ₹)?
22. 22.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
23. 23.A small business sells 40 jute bags at ₹45 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
25. 25.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
26. 26.A small business sells 25 fruit cups at ₹45 each. Its costs are ₹880. What is its profit (in ₹)?
27. 27.A small business sells 55 glasses of chai at ₹35 each. Its costs are ₹630. What is its profit (in ₹)?
28. 28.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
30. 30.A small business sells 27 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
31. 31.A small business selling cupcakes had a revenue of ₹2950 and a profit of ₹10. What were its costs (in ₹)?
32. 32.True or false: “one owner runs it” is true of a company. (a) False (b) True
33. 33.A small business sells 30 fruit cups at ₹5 each. Its costs are ₹140. What is its profit (in ₹)?
34. 34.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
35. 35.A small business selling potted plants had a revenue of ₹410 and a profit of ₹60. What were its costs (in ₹)?
36. 36.A small business sells 37 potted plants at ₹40 each. Its costs are ₹160. What is its profit (in ₹)?
37. 37.A small business sells 55 bags of popcorn at ₹30 each. Its costs are ₹750. What is its profit (in ₹)?
38. 38.A small business sells 14 jute bags at ₹5 each. What is its revenue (in ₹)?
39. 39.A small business selling glasses of chai had a revenue of ₹1150 and a profit of ₹650. What were its costs (in ₹)?
40. 40.A small business sells 19 handmade cards at ₹15 each. Its costs are ₹220. What is its profit (in ₹)?

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