Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 571 · 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 17 jute bags at ₹5 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
3. 3.True or false: “run by directors” is true of a sole trader. (a) False (b) True
4. 4.A small business selling friendship bands had a revenue of ₹2360 and a profit of ₹2090. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
6. 6.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
7. 7.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) simplest to start
8. 8.A small business selling fruit cups had a revenue of ₹720 and a profit of ₹620. What were its costs (in ₹)?
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
10. 10.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
11. 11.A small business sells 60 bags of popcorn at ₹50 each. Its costs are ₹1590. What is its profit (in ₹)?
12. 12.True or false: “run by directors” is true of a company. (a) False (b) True
13. 13.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) a separate legal body
14. 14.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
15. 15.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
16. 16.A small business sells 26 friendship bands at ₹50 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
18. 18.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
20. 20.A small business sells 35 potted plants at ₹10 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
22. 22.🎂 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
23. 23.A small business sells 30 clay diyas at ₹15 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
25. 25.True or false: “a separate legal body” is true of a company. (a) False (b) True
26. 26.A small business sells 37 painted pebbles at ₹20 each. Its costs are ₹530. What is its profit (in ₹)?
27. 27.A small business sells 11 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
28. 28.A small business sells 11 painted pebbles at ₹15 each. What is its revenue (in ₹)?
29. 29.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
30. 30.A small business sells 28 fruit cups at ₹15 each. What is its revenue (in ₹)?
31. 31.A small business selling bags of popcorn had a revenue of ₹900 and a profit of ₹100. What were its costs (in ₹)?
32. 32.A small business selling fruit cups had a revenue of ₹875 and a profit of ₹115. What were its costs (in ₹)?
33. 33.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
34. 34.A small business selling fruit cups had a revenue of ₹1170 and a profit of ₹550. What were its costs (in ₹)?
35. 35.A small business sells 24 clay diyas at ₹15 each. Its costs are ₹250. What is its profit (in ₹)?
36. 36.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) simplest to start
37. 37.A small business selling jute bags had a revenue of ₹2475 and a profit of ₹1875. What were its costs (in ₹)?
38. 38.A small business selling painted pebbles had a revenue of ₹1000 and a profit of ₹360. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
40. 40.A small business selling cupcakes had a revenue of ₹240 and a profit of ₹210. What were its costs (in ₹)?

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