Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 459 · 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 friendship bands had a revenue of ₹2280 and a profit of ₹1090. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
3. 3.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
4. 4.A small business sells 38 jute bags at ₹45 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
7. 7.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) simplest to start (d) owner owes the debts
8. 8.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
9. 9.A small business selling fruit cups had a revenue of ₹1645 and a profit of ₹255. What were its costs (in ₹)?
10. 10.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
11. 11.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) one owner runs it
13. 13.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) owners’ risk is limited
14. 14.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) one owner runs it (d) simplest to start
15. 15.A small business sells 25 cups of lemonade at ₹50 each. Its costs are ₹430. What is its profit (in ₹)?
16. 16.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.A small business selling painted pebbles had a revenue of ₹530 and a profit of ₹500. What were its costs (in ₹)?
19. 19.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
21. 21.A small business sells 22 cups of lemonade at ₹25 each. Its costs are ₹40. What is its profit (in ₹)?
22. 22.A small business sells 44 glasses of chai at ₹10 each. What is its revenue (in ₹)?
23. 23.A small business selling bags of popcorn had a revenue of ₹1350 and a profit of ₹150. What were its costs (in ₹)?
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) owned by shareholders
25. 25.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
26. 26.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
27. 27.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
28. 28.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
29. 29.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
30. 30.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
31. 31.A small business sells 31 jute bags at ₹15 each. What is its revenue (in ₹)?
32. 32.A small business selling potted plants had a revenue of ₹1800 and a profit of ₹420. What were its costs (in ₹)?
33. 33.True or false: “one owner runs it” is true of a company. (a) True (b) False
34. 34.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 18 painted pebbles at ₹10 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
37. 37.True or false: “run by directors” is true of a company. (a) False (b) True
38. 38.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
39. 39.A small business sells 56 glasses of chai at ₹35 each. What is its revenue (in ₹)?
40. 40.A small business sells 25 handmade cards at ₹45 each. Its costs are ₹770. What is its profit (in ₹)?

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