Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 510 · 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.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) run by directors
2. 2.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
3. 3.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) owner keeps all profit
4. 4.A small business selling cupcakes had a revenue of ₹800 and a profit of ₹20. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
6. 6.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
7. 7.A small business sells 47 glasses of chai at ₹50 each. Its costs are ₹1470. What is its profit (in ₹)?
8. 8.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
9. 9.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
10. 10.A small business sells 47 potted plants at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
11. 11.A small business sells 53 glasses of chai at ₹45 each. Its costs are ₹1370. What is its profit (in ₹)?
12. 12.True or false: “one owner runs it” is true of a company. (a) True (b) False
13. 13.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
14. 14.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) run by directors (d) owners’ risk is limited
15. 15.A small business sells 29 fruit cups at ₹5 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
17. 17.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
18. 18.A small business sells 44 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
20. 20.A small business selling glasses of chai had a revenue of ₹1530 and a profit of ₹710. What were its costs (in ₹)?
21. 21.A small business selling cups of lemonade had a revenue of ₹600 and a profit of ₹520. What were its costs (in ₹)?
22. 22.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
24. 24.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
25. 25.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
26. 26.A small business sells 37 fruit cups at ₹45 each. Its costs are ₹770. What is its profit (in ₹)?
27. 27.A small business selling glasses of chai had a revenue of ₹1160 and a profit of ₹840. What were its costs (in ₹)?
28. 28.A small business selling potted plants had a revenue of ₹110 and a profit of ₹50. What were its costs (in ₹)?
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) simplest to start
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
31. 31.A small business selling handmade cards had a revenue of ₹360 and a profit of ₹250. What were its costs (in ₹)?
32. 32.A small business sells 40 handmade cards at ₹10 each. What is its revenue (in ₹)?
33. 33.A small business sells 39 painted pebbles at ₹40 each. What is its revenue (in ₹)?
34. 34.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
35. 35.A small business selling cupcakes had a revenue of ₹95 and a profit of ₹35. What were its costs (in ₹)?
36. 36.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
37. 37.A small business sells 12 clay diyas at ₹25 each. Its costs are ₹220. What is its profit (in ₹)?
38. 38.A small business sells 32 cupcakes at ₹5 each. What is its revenue (in ₹)?
39. 39.A small business sells 11 handmade cards at ₹50 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company

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