Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 639 · 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 glasses of chai had a revenue of ₹120 and a profit of ₹30. What were its costs (in ₹)?
2. 2.A small business selling potted plants had a revenue of ₹1000 and a profit of ₹200. What were its costs (in ₹)?
3. 3.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
4. 4.A small business sells 35 potted plants at ₹40 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner keeps all profit (d) simplest to start
6. 6.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) simplest to start (d) owner keeps all profit
7. 7.A small business sells 41 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
9. 9.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
10. 10.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
12. 12.A small business sells 17 jute bags at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
13. 13.A small business sells 48 fruit cups at ₹10 each. What is its revenue (in ₹)?
14. 14.True or false: “simplest to start” is true of a company. (a) True (b) False
15. 15.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
16. 16.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) a separate legal body
18. 18.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
20. 20.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
21. 21.A small business sells 28 glasses of chai at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
22. 22.A small business sells 44 painted pebbles at ₹30 each. What is its revenue (in ₹)?
23. 23.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
24. 24.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) run by directors
26. 26.A small business sells 13 glasses of chai at ₹50 each. What is its revenue (in ₹)?
27. 27.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
28. 28.A small business sells 59 handmade cards at ₹15 each. What is its revenue (in ₹)?
29. 29.A small business sells 14 cupcakes at ₹15 each. Its costs are ₹180. What is its profit (in ₹)?
30. 30.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
31. 31.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
32. 32.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) owners’ risk is limited
33. 33.A small business selling jute bags had a revenue of ₹1050 and a profit of ₹830. What were its costs (in ₹)?
34. 34.A small business sells 11 clay diyas at ₹20 each. What is its revenue (in ₹)?
35. 35.A small business sells 23 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
37. 37.A small business sells 55 jute bags at ₹45 each. What is its revenue (in ₹)?
38. 38.A small business selling jute bags had a revenue of ₹530 and a profit of ₹370. What were its costs (in ₹)?
39. 39.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) owned by shareholders
40. 40.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit

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