Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 473 · 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 42 handmade cards at ₹5 each. Its costs are ₹180. What is its profit (in ₹)?
2. 2.A small business selling cups of lemonade had a revenue of ₹440 and a profit of ₹120. What were its costs (in ₹)?
3. 3.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
4. 4.A small business selling potted plants had a revenue of ₹240 and a profit of ₹200. What were its costs (in ₹)?
5. 5.A small business selling handmade cards had a revenue of ₹2610 and a profit of ₹330. What were its costs (in ₹)?
6. 6.True or false: “a separate legal body” is true of a company. (a) False (b) True
7. 7.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
8. 8.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
9. 9.A small business sells 42 fruit cups at ₹35 each. Its costs are ₹1440. What is its profit (in ₹)?
10. 10.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
11. 11.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
12. 12.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
13. 13.A small business sells 28 handmade cards at ₹15 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) simplest to start
16. 16.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
17. 17.A small business selling cups of lemonade had a revenue of ₹570 and a profit of ₹420. What were its costs (in ₹)?
18. 18.A small business selling painted pebbles had a revenue of ₹245 and a profit of ₹225. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
20. 20.A small business sells 20 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
21. 21.A small business sells 22 painted pebbles at ₹15 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) run by directors
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
24. 24.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
25. 25.A small business sells 22 handmade cards at ₹50 each. Its costs are ₹960. What is its profit (in ₹)?
26. 26.A small business selling cupcakes had a revenue of ₹850 and a profit of ₹630. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
28. 28.True or false: “one owner runs it” is true of a company. (a) True (b) False
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) simplest to start (b) one owner runs it (c) owner keeps all profit (d) run by directors
31. 31.A small business sells 47 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
33. 33.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
34. 34.A small business sells 11 fruit cups at ₹20 each. What is its revenue (in ₹)?
35. 35.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
36. 36.A small business sells 56 handmade cards at ₹45 each. Its costs are ₹1340. What is its profit (in ₹)?
37. 37.A small business sells 37 fruit cups at ₹25 each. Its costs are ₹120. What is its profit (in ₹)?
38. 38.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) owners’ risk is limited
39. 39.A small business selling fruit cups had a revenue of ₹875 and a profit of ₹755. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) one owner runs it (d) owner keeps all profit

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