Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 553 · 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 selling bags of popcorn had a revenue of ₹115 and a profit of ₹45. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
5. 5.A small business sells 10 fruit cups at ₹35 each. What is its revenue (in ₹)?
6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
7. 7.A small business sells 10 friendship bands at ₹35 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) simplest to start (d) owner keeps all profit
9. 9.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
10. 10.A small business sells 60 cupcakes at ₹45 each. What is its revenue (in ₹)?
11. 11.A small business sells 33 handmade cards at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
12. 12.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
15. 15.A small business sells 15 cupcakes at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
16. 16.True or false: “one owner runs it” is true of a company. (a) True (b) False
17. 17.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
18. 18.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
19. 19.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
20. 20.True or false: “owner owes the debts” is true of a company. (a) False (b) True
21. 21.A small business sells 14 paper bookmarks at ₹30 each. Its costs are ₹180. What is its profit (in ₹)?
22. 22.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) one owner runs it
23. 23.A small business sells 14 jute bags at ₹50 each. What is its revenue (in ₹)?
24. 24.A small business sells 47 cupcakes at ₹10 each. Its costs are ₹320. What is its profit (in ₹)?
25. 25.A small business sells 38 paper bookmarks at ₹35 each. Its costs are ₹1020. What is its profit (in ₹)?
26. 26.A small business sells 38 glasses of chai at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
27. 27.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
29. 29.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
30. 30.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
32. 32.A small business sells 57 cupcakes at ₹45 each. What is its revenue (in ₹)?
33. 33.A small business sells 56 clay diyas at ₹10 each. Its costs are ₹410. What is its profit (in ₹)?
34. 34.A small business sells 25 fruit cups at ₹15 each. What is its revenue (in ₹)?
35. 35.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
37. 37.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owners’ risk is limited
38. 38.A small business selling glasses of chai had a revenue of ₹100 and a profit of ₹80. What were its costs (in ₹)?
39. 39.True or false: “run by directors” is true of a sole trader. (a) True (b) False
40. 40.A small business sells 48 glasses of chai at ₹50 each. What is its revenue (in ₹)?

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