Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 611 · 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 44 jute bags at ₹15 each. Its costs are ₹360. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
5. 5.A small business sells 15 cupcakes at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
6. 6.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
7. 7.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
8. 8.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owned by shareholders (d) run by directors
9. 9.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
10. 10.A small business selling bags of popcorn had a revenue of ₹720 and a profit of ₹190. What were its costs (in ₹)?
11. 11.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) run by directors (d) one owner runs it
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) a separate legal body (d) run by directors
13. 13.A small business selling cups of lemonade had a revenue of ₹480 and a profit of ₹370. What were its costs (in ₹)?
14. 14.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
15. 15.A small business selling cupcakes had a revenue of ₹1035 and a profit of ₹15. What were its costs (in ₹)?
16. 16.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
17. 17.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
18. 18.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
19. 19.True or false: “run by directors” is true of a sole trader. (a) False (b) True
20. 20.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
21. 21.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) a separate legal body
22. 22.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
23. 23.A small business sells 21 cups of lemonade at ₹35 each. Its costs are ₹190. What is its profit (in ₹)?
24. 24.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
25. 25.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
26. 26.A small business sells 44 potted plants at ₹5 each. What is its revenue (in ₹)?
27. 27.A small business sells 15 fruit cups at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
28. 28.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
29. 29.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
30. 30.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
31. 31.A small business sells 12 friendship bands at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
32. 32.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
33. 33.A small business selling bags of popcorn had a revenue of ₹2150 and a profit of ₹1050. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
35. 35.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
36. 36.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
37. 37.A small business sells 10 handmade cards at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
38. 38.A small business sells 16 handmade cards at ₹20 each. Its costs are ₹20. What is its profit (in ₹)?
39. 39.A small business selling fruit cups had a revenue of ₹220 and a profit of ₹170. What were its costs (in ₹)?
40. 40.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video

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