Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 626 · 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 23 potted plants at ₹35 each. Its costs are ₹220. What is its profit (in ₹)?
2. 2.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
3. 3.A small business sells 55 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
7. 7.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) simplest to start
9. 9.A small business selling cups of lemonade had a revenue of ₹1350 and a profit of ₹1010. What were its costs (in ₹)?
10. 10.A small business sells 16 clay diyas at ₹5 each. What is its revenue (in ₹)?
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.True or false: “run by directors” is true of a sole trader. (a) True (b) False
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
16. 16.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
17. 17.A small business selling cupcakes had a revenue of ₹195 and a profit of ₹105. What were its costs (in ₹)?
18. 18.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) owners’ risk is limited
19. 19.A small business selling glasses of chai had a revenue of ₹540 and a profit of ₹110. What were its costs (in ₹)?
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) run by directors
21. 21.A small business sells 24 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.A small business selling cupcakes had a revenue of ₹1710 and a profit of ₹1230. What were its costs (in ₹)?
24. 24.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
25. 25.A small business sells 26 cupcakes at ₹25 each. Its costs are ₹610. What is its profit (in ₹)?
26. 26.A small business sells 23 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
27. 27.A small business selling fruit cups had a revenue of ₹1230 and a profit of ₹890. What were its costs (in ₹)?
28. 28.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
29. 29.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
30. 30.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) one owner runs it
31. 31.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
32. 32.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
33. 33.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
34. 34.True or false: “one owner runs it” is true of a company. (a) False (b) True
35. 35.A small business sells 19 fruit cups at ₹30 each. Its costs are ₹330. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
37. 37.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
38. 38.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
39. 39.A small business sells 47 handmade cards at ₹20 each. Its costs are ₹280. What is its profit (in ₹)?
40. 40.A small business sells 29 glasses of chai at ₹10 each. Its costs are ₹120. What is its profit (in ₹)?

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