Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 579 · 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 handmade cards had a revenue of ₹360 and a profit of ₹290. What were its costs (in ₹)?
2. 2.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) run by directors
3. 3.A small business selling friendship bands had a revenue of ₹80 and a profit of ₹60. What were its costs (in ₹)?
4. 4.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
5. 5.A small business sells 32 clay diyas at ₹30 each. Its costs are ₹160. What is its profit (in ₹)?
6. 6.A small business selling cups of lemonade had a revenue of ₹540 and a profit of ₹390. What were its costs (in ₹)?
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.A small business sells 56 fruit cups at ₹50 each. Its costs are ₹2300. What is its profit (in ₹)?
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) a separate legal body
10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
11. 11.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
12. 12.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
13. 13.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
14. 14.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
15. 15.True or false: “owner owes the debts” is true of a company. (a) False (b) True
16. 16.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
18. 18.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
19. 19.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
20. 20.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
21. 21.A small business selling paper bookmarks had a revenue of ₹1120 and a profit of ₹1060. What were its costs (in ₹)?
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
24. 24.A small business selling friendship bands had a revenue of ₹735 and a profit of ₹565. What were its costs (in ₹)?
25. 25.A small business sells 13 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
26. 26.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) owned by shareholders
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
29. 29.A small business sells 13 paper bookmarks at ₹45 each. Its costs are ₹120. What is its profit (in ₹)?
30. 30.A small business selling friendship bands had a revenue of ₹1980 and a profit of ₹1360. What were its costs (in ₹)?
31. 31.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) owner keeps all profit (d) one owner runs it
32. 32.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) a separate legal body
33. 33.A small business selling cups of lemonade had a revenue of ₹600 and a profit of ₹380. What were its costs (in ₹)?
34. 34.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
35. 35.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
36. 36.A small business sells 57 fruit cups at ₹15 each. What is its revenue (in ₹)?
37. 37.True or false: “one owner runs it” is true of a company. (a) True (b) False
38. 38.A small business sells 40 potted plants at ₹40 each. Its costs are ₹220. What is its profit (in ₹)?
39. 39.A small business selling paper bookmarks had a revenue of ₹125 and a profit of ₹115. What were its costs (in ₹)?
40. 40.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit

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