Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 506 · 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 sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
2. 2.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
3. 3.A small business sells 19 handmade cards at ₹25 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
6. 6.True or false: “owned by shareholders” is true of a company. (a) True (b) False
7. 7.True or false: “run by directors” is true of a sole trader. (a) True (b) False
8. 8.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
9. 9.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
10. 10.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) a separate legal body
11. 11.A small business sells 10 glasses of chai at ₹45 each. What is its revenue (in ₹)?
12. 12.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
13. 13.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
14. 14.A small business sells 15 glasses of chai at ₹45 each. Its costs are ₹410. What is its profit (in ₹)?
15. 15.A small business selling painted pebbles had a revenue of ₹2200 and a profit of ₹2190. What were its costs (in ₹)?
16. 16.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
17. 17.A small business sells 33 jute bags at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
19. 19.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
20. 20.A small business selling glasses of chai had a revenue of ₹1290 and a profit of ₹390. What were its costs (in ₹)?
21. 21.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
22. 22.A small business sells 37 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
23. 23.A small business sells 39 potted plants at ₹20 each. What is its revenue (in ₹)?
24. 24.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
25. 25.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) owner keeps all profit (d) simplest to start
26. 26.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.A small business sells 26 handmade cards at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
29. 29.A small business selling bags of popcorn had a revenue of ₹990 and a profit of ₹20. What were its costs (in ₹)?
30. 30.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
31. 31.A small business sells 38 handmade cards at ₹25 each. Its costs are ₹890. What is its profit (in ₹)?
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
33. 33.A small business sells 38 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
35. 35.A small business sells 14 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
36. 36.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
37. 37.A small business sells 42 handmade cards at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
38. 38.A small business sells 16 potted plants at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
39. 39.A small business selling clay diyas had a revenue of ₹2550 and a profit of ₹910. What were its costs (in ₹)?
40. 40.A small business sells 18 cups of lemonade at ₹15 each. Its costs are ₹180. What is its profit (in ₹)?

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