Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 608 · 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 14 potted plants at ₹35 each. Its costs are ₹10. What is its profit (in ₹)?
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) simplest to start
3. 3.A small business sells 23 friendship bands at ₹50 each. Its costs are ₹420. What is its profit (in ₹)?
4. 4.A small business selling fruit cups had a revenue of ₹1550 and a profit of ₹170. What were its costs (in ₹)?
5. 5.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
6. 6.A small business selling glasses of chai had a revenue of ₹1785 and a profit of ₹875. What were its costs (in ₹)?
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.True or false: “one owner runs it” is true of a company. (a) False (b) True
9. 9.True or false: “simplest to start” is true of a company. (a) False (b) True
10. 10.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
11. 11.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
12. 12.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
13. 13.A small business selling cups of lemonade had a revenue of ₹165 and a profit of ₹135. What were its costs (in ₹)?
14. 14.A small business sells 50 handmade cards at ₹5 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
16. 16.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
17. 17.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
18. 18.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
21. 21.A small business sells 57 clay diyas at ₹40 each. What is its revenue (in ₹)?
22. 22.A small business sells 32 fruit cups at ₹30 each. Its costs are ₹130. What is its profit (in ₹)?
23. 23.A small business sells 39 handmade cards at ₹45 each. Its costs are ₹1680. What is its profit (in ₹)?
24. 24.A small business selling cups of lemonade had a revenue of ₹980 and a profit of ₹230. What were its costs (in ₹)?
25. 25.True or false: “a separate legal body” is true of a company. (a) True (b) False
26. 26.A small business selling painted pebbles had a revenue of ₹330 and a profit of ₹290. What were its costs (in ₹)?
27. 27.A small business sells 36 painted pebbles at ₹30 each. Its costs are ₹800. What is its profit (in ₹)?
28. 28.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
29. 29.A small business sells 29 jute bags at ₹5 each. What is its revenue (in ₹)?
30. 30.A small business selling potted plants had a revenue of ₹2250 and a profit of ₹60. What were its costs (in ₹)?
31. 31.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
32. 32.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
33. 33.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 11 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
35. 35.A small business selling fruit cups had a revenue of ₹800 and a profit of ₹10. What were its costs (in ₹)?
36. 36.True or false: “run by directors” is true of a company. (a) False (b) True
37. 37.A small business sells 52 glasses of chai at ₹35 each. What is its revenue (in ₹)?
38. 38.A small business sells 58 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
39. 39.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
40. 40.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company

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