Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 545 · 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 54 painted pebbles at ₹30 each. Its costs are ₹800. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
3. 3.A small business sells 38 fruit cups at ₹35 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) simplest to start
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner owes the debts
6. 6.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
7. 7.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
8. 8.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
9. 9.A small business selling handmade cards had a revenue of ₹1050 and a profit of ₹500. What were its costs (in ₹)?
10. 10.A small business sells 42 handmade cards at ₹35 each. What is its revenue (in ₹)?
11. 11.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) run by directors
12. 12.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
13. 13.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.A small business sells 15 paper bookmarks at ₹50 each. Its costs are ₹40. What is its profit (in ₹)?
16. 16.A small business sells 45 friendship bands at ₹20 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
18. 18.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owned by shareholders
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
21. 21.🎂 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
22. 22.True or false: “owner owes the debts” is true of a company. (a) True (b) False
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
25. 25.True or false: “run by directors” is true of a sole trader. (a) False (b) True
26. 26.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
27. 27.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
28. 28.A small business sells 53 cups of lemonade at ₹40 each. Its costs are ₹560. What is its profit (in ₹)?
29. 29.A small business selling bags of popcorn had a revenue of ₹325 and a profit of ₹75. What were its costs (in ₹)?
30. 30.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
31. 31.A small business sells 30 cups of lemonade at ₹30 each. Its costs are ₹180. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
33. 33.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 17 glasses of chai at ₹50 each. Its costs are ₹470. What is its profit (in ₹)?
35. 35.A small business sells 45 cupcakes at ₹5 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
37. 37.A small business sells 15 cups of lemonade at ₹25 each. Its costs are ₹220. What is its profit (in ₹)?
38. 38.A small business sells 16 cups of lemonade at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
39. 39.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
40. 40.True or false: “a separate legal body” is true of a company. (a) False (b) True

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