Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 550 · 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.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
2. 2.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
3. 3.A small business sells 40 clay diyas at ₹45 each. Its costs are ₹510. What is its profit (in ₹)?
4. 4.A small business sells 13 cups of lemonade at ₹35 each. Its costs are ₹140. What is its profit (in ₹)?
5. 5.A small business sells 22 potted plants at ₹35 each. Its costs are ₹90. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
7. 7.A small business sells 46 painted pebbles at ₹35 each. What is its revenue (in ₹)?
8. 8.A small business selling cupcakes had a revenue of ₹240 and a profit of ₹210. What were its costs (in ₹)?
9. 9.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) run by directors
10. 10.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) run by directors
12. 12.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) one owner runs it (d) owner keeps all profit
13. 13.A small business selling potted plants had a revenue of ₹420 and a profit of ₹250. What were its costs (in ₹)?
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
15. 15.True or false: “one owner runs it” is true of a company. (a) False (b) True
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) a separate legal body
17. 17.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
18. 18.A small business sells 26 glasses of chai at ₹10 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
20. 20.A small business selling bags of popcorn had a revenue of ₹880 and a profit of ₹220. What were its costs (in ₹)?
21. 21.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
22. 22.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
23. 23.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner keeps all profit (d) owner owes the debts
24. 24.A small business sells 12 clay diyas at ₹30 each. Its costs are ₹70. What is its profit (in ₹)?
25. 25.A small business sells 48 glasses of chai at ₹45 each. Its costs are ₹1310. What is its profit (in ₹)?
26. 26.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
27. 27.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
28. 28.A small business selling glasses of chai had a revenue of ₹2280 and a profit of ₹380. What were its costs (in ₹)?
29. 29.A small business selling bags of popcorn had a revenue of ₹1175 and a profit of ₹345. What were its costs (in ₹)?
30. 30.A small business sells 30 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
31. 31.A small business selling handmade cards had a revenue of ₹1200 and a profit of ₹930. What were its costs (in ₹)?
32. 32.A small business sells 16 bags of popcorn at ₹35 each. Its costs are ₹270. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
34. 34.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
35. 35.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
36. 36.A small business sells 45 potted plants at ₹50 each. Its costs are ₹30. What is its profit (in ₹)?
37. 37.A small business sells 30 paper bookmarks at ₹35 each. Its costs are ₹720. What is its profit (in ₹)?
38. 38.True or false: “run by directors” is true of a sole trader. (a) False (b) True
39. 39.A small business selling paper bookmarks had a revenue of ₹1325 and a profit of ₹1035. What were its costs (in ₹)?
40. 40.📊 Revenue or profit: price × number sold? (a) profit (b) revenue

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