Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 560 · 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 cups of lemonade had a revenue of ₹185 and a profit of ₹135. What were its costs (in ₹)?
2. 2.A small business sells 16 fruit cups at ₹35 each. Its costs are ₹120. What is its profit (in ₹)?
3. 3.A small business sells 18 fruit cups at ₹35 each. What is its revenue (in ₹)?
4. 4.A small business selling friendship bands had a revenue of ₹125 and a profit of ₹95. What were its costs (in ₹)?
5. 5.A small business selling friendship bands had a revenue of ₹275 and a profit of ₹185. What were its costs (in ₹)?
6. 6.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
7. 7.A small business sells 29 painted pebbles at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
10. 10.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
11. 11.A small business sells 13 handmade cards at ₹15 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) run by directors
13. 13.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
14. 14.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) simplest to start
16. 16.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
17. 17.A small business selling cups of lemonade had a revenue of ₹2320 and a profit of ₹1100. What were its costs (in ₹)?
18. 18.A small business sells 47 painted pebbles at ₹35 each. Its costs are ₹1260. What is its profit (in ₹)?
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
20. 20.A small business sells 10 cupcakes at ₹50 each. Its costs are ₹200. What is its profit (in ₹)?
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owned by shareholders
22. 22.A small business sells 57 glasses of chai at ₹20 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
24. 24.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
25. 25.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
26. 26.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) a separate legal body
27. 27.A small business sells 26 clay diyas at ₹25 each. What is its revenue (in ₹)?
28. 28.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
29. 29.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
30. 30.A small business sells 28 handmade cards at ₹15 each. What is its revenue (in ₹)?
31. 31.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
32. 32.A small business selling handmade cards had a revenue of ₹390 and a profit of ₹250. What were its costs (in ₹)?
33. 33.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
34. 34.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
35. 35.A small business sells 33 paper bookmarks at ₹50 each. Its costs are ₹640. What is its profit (in ₹)?
36. 36.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
37. 37.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
38. 38.A small business selling paper bookmarks had a revenue of ₹625 and a profit of ₹305. What were its costs (in ₹)?
39. 39.A small business sells 22 friendship bands at ₹5 each. What is its revenue (in ₹)?
40. 40.📊 Revenue or profit: money in before costs? (a) profit (b) revenue

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