Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 475 · 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 37 painted pebbles at ₹15 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) run by directors (d) owned by shareholders
3. 3.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
4. 4.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
5. 5.A small business sells 48 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
6. 6.A small business selling painted pebbles had a revenue of ₹1350 and a profit of ₹260. What were its costs (in ₹)?
7. 7.A small business sells 22 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
8. 8.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
9. 9.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) owners’ risk is limited
10. 10.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
11. 11.A small business sells 60 cupcakes at ₹50 each. Its costs are ₹250. What is its profit (in ₹)?
12. 12.A small business sells 58 potted plants at ₹5 each. What is its revenue (in ₹)?
13. 13.A small business selling cupcakes had a revenue of ₹350 and a profit of ₹280. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
16. 16.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) simplest to start (d) owner keeps all profit
17. 17.True or false: “simplest to start” is true of a company. (a) True (b) False
18. 18.A small business sells 27 jute bags at ₹15 each. What is its revenue (in ₹)?
19. 19.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
20. 20.A small business selling cups of lemonade had a revenue of ₹640 and a profit of ₹230. What were its costs (in ₹)?
21. 21.A small business sells 29 fruit cups at ₹35 each. What is its revenue (in ₹)?
22. 22.A small business sells 11 bags of popcorn at ₹20 each. Its costs are ₹180. What is its profit (in ₹)?
23. 23.A small business sells 13 glasses of chai at ₹25 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
25. 25.A small business selling bags of popcorn had a revenue of ₹270 and a profit of ₹240. What were its costs (in ₹)?
26. 26.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
27. 27.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
28. 28.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
29. 29.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
30. 30.A small business sells 59 friendship bands at ₹50 each. What is its revenue (in ₹)?
31. 31.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
32. 32.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
33. 33.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
34. 34.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
35. 35.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner owes the debts
36. 36.A small business sells 58 painted pebbles at ₹50 each. What is its revenue (in ₹)?
37. 37.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
38. 38.A small business sells 29 glasses of chai at ₹5 each. Its costs are ₹130. What is its profit (in ₹)?
39. 39.A small business selling cups of lemonade had a revenue of ₹470 and a profit of ₹390. What were its costs (in ₹)?
40. 40.A small business sells 10 jute bags at ₹20 each. What is its revenue (in ₹)?

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