Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 490 · 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 51 glasses of chai at ₹50 each. Its costs are ₹580. What is its profit (in ₹)?
2. 2.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
6. 6.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
7. 7.A small business sells 59 glasses of chai at ₹20 each. What is its revenue (in ₹)?
8. 8.A small business sells 19 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
10. 10.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
11. 11.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
14. 14.True or false: “a separate legal body” is true of a company. (a) False (b) True
15. 15.True or false: “run by directors” is true of a company. (a) True (b) False
16. 16.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
17. 17.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 13 painted pebbles at ₹50 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) simplest to start (d) owners’ risk is limited
20. 20.A small business sells 51 fruit cups at ₹50 each. What is its revenue (in ₹)?
21. 21.A small business sells 15 potted plants at ₹30 each. What is its revenue (in ₹)?
22. 22.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
23. 23.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
24. 24.True or false: “owned by shareholders” is true of a company. (a) True (b) False
25. 25.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
26. 26.A small business sells 17 friendship bands at ₹50 each. Its costs are ₹100. What is its profit (in ₹)?
27. 27.A small business sells 35 bags of popcorn at ₹10 each. Its costs are ₹280. What is its profit (in ₹)?
28. 28.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) run by directors (d) simplest to start
29. 29.A small business sells 33 jute bags at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
30. 30.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) owned by shareholders (d) a separate legal body
31. 31.A small business sells 38 potted plants at ₹40 each. What is its revenue (in ₹)?
32. 32.A small business sells 15 potted plants at ₹45 each. Its costs are ₹20. What is its profit (in ₹)?
33. 33.True or false: “one owner runs it” is true of a company. (a) False (b) True
34. 34.A small business sells 59 painted pebbles at ₹25 each. Its costs are ₹60. What is its profit (in ₹)?
35. 35.A small business sells 60 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
36. 36.True or false: “owner owes the debts” is true of a company. (a) True (b) False
37. 37.True or false: “simplest to start” is true of a company. (a) True (b) False
38. 38.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
39. 39.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
40. 40.A small business selling bags of popcorn had a revenue of ₹1075 and a profit of ₹735. What were its costs (in ₹)?

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