Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 622 · 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 37 painted pebbles at ₹5 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owned by shareholders (d) owner keeps all profit
3. 3.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
5. 5.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
6. 6.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.True or false: “one owner runs it” is true of a company. (a) False (b) True
9. 9.A small business selling glasses of chai had a revenue of ₹1380 and a profit of ₹50. What were its costs (in ₹)?
10. 10.A small business selling handmade cards had a revenue of ₹350 and a profit of ₹130. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
12. 12.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.A small business sells 22 clay diyas at ₹45 each. Its costs are ₹140. What is its profit (in ₹)?
15. 15.True or false: “owner owes the debts” is true of a company. (a) True (b) False
16. 16.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
17. 17.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
18. 18.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
19. 19.True or false: “run by directors” is true of a sole trader. (a) True (b) False
20. 20.A small business sells 34 jute bags at ₹30 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) one owner runs it
22. 22.A small business selling paper bookmarks had a revenue of ₹375 and a profit of ₹105. What were its costs (in ₹)?
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
24. 24.A small business sells 50 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
25. 25.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
26. 26.A small business selling painted pebbles had a revenue of ₹840 and a profit of ₹20. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.A small business sells 21 cups of lemonade at ₹40 each. Its costs are ₹830. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
30. 30.True or false: “a separate legal body” is true of a company. (a) True (b) False
31. 31.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
32. 32.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
33. 33.True or false: “run by directors” is true of a company. (a) True (b) False
34. 34.A small business sells 10 potted plants at ₹40 each. What is its revenue (in ₹)?
35. 35.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
36. 36.A small business sells 22 glasses of chai at ₹35 each. What is its revenue (in ₹)?
37. 37.A small business sells 13 glasses of chai at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
38. 38.A small business sells 55 clay diyas at ₹25 each. Its costs are ₹80. What is its profit (in ₹)?
39. 39.A small business sells 36 glasses of chai at ₹40 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader

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