Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 533 · 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) run by directors (c) owner owes the debts (d) owner keeps all profit
2. 2.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
3. 3.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
4. 4.True or false: “simplest to start” is true of a company. (a) True (b) False
5. 5.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
6. 6.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
7. 7.A small business selling cups of lemonade had a revenue of ₹800 and a profit of ₹590. What were its costs (in ₹)?
8. 8.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
9. 9.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) simplest to start
10. 10.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
11. 11.A small business selling fruit cups had a revenue of ₹2300 and a profit of ₹1210. What were its costs (in ₹)?
12. 12.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
13. 13.A small business sells 19 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
14. 14.A small business selling painted pebbles had a revenue of ₹1300 and a profit of ₹530. What were its costs (in ₹)?
15. 15.A small business selling friendship bands had a revenue of ₹150 and a profit of ₹130. What were its costs (in ₹)?
16. 16.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
17. 17.A small business selling cups of lemonade had a revenue of ₹920 and a profit of ₹850. What were its costs (in ₹)?
18. 18.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
19. 19.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) simplest to start
20. 20.A small business sells 52 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
21. 21.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.A small business selling potted plants had a revenue of ₹1560 and a profit of ₹1490. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
25. 25.A small business sells 22 friendship bands at ₹35 each. What is its revenue (in ₹)?
26. 26.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
27. 27.A small business selling glasses of chai had a revenue of ₹540 and a profit of ₹120. What were its costs (in ₹)?
28. 28.A small business sells 41 clay diyas at ₹10 each. Its costs are ₹350. What is its profit (in ₹)?
29. 29.A small business selling jute bags had a revenue of ₹1435 and a profit of ₹215. What were its costs (in ₹)?
30. 30.A small business selling jute bags had a revenue of ₹1400 and a profit of ₹520. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
32. 32.A small business selling bags of popcorn had a revenue of ₹1720 and a profit of ₹900. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
34. 34.A small business sells 44 cups of lemonade at ₹45 each. Its costs are ₹990. What is its profit (in ₹)?
35. 35.A small business sells 42 handmade cards at ₹35 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
37. 37.A small business selling painted pebbles had a revenue of ₹85 and a profit of ₹75. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
39. 39.A small business sells 40 potted plants at ₹25 each. Its costs are ₹140. What is its profit (in ₹)?
40. 40.A small business sells 47 cups of lemonade at ₹40 each. What is its revenue (in ₹)?

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