Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 640 · 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 fruit cups had a revenue of ₹825 and a profit of ₹685. What were its costs (in ₹)?
2. 2.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
3. 3.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
4. 4.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
5. 5.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
6. 6.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
7. 7.A small business sells 59 clay diyas at ₹40 each. Its costs are ₹740. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
9. 9.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
10. 10.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
11. 11.A small business selling bags of popcorn had a revenue of ₹2650 and a profit of ₹1030. What were its costs (in ₹)?
12. 12.True or false: “owned by shareholders” is true of a company. (a) True (b) False
13. 13.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
14. 14.A small business sells 18 friendship bands at ₹50 each. What is its revenue (in ₹)?
15. 15.📜 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
16. 16.True or false: “run by directors” is true of a sole trader. (a) False (b) True
17. 17.A small business selling friendship bands had a revenue of ₹1680 and a profit of ₹1010. What were its costs (in ₹)?
18. 18.A small business selling painted pebbles had a revenue of ₹1800 and a profit of ₹770. What were its costs (in ₹)?
19. 19.A small business sells 51 handmade cards at ₹35 each. What is its revenue (in ₹)?
20. 20.A small business selling glasses of chai had a revenue of ₹2080 and a profit of ₹530. What were its costs (in ₹)?
21. 21.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
22. 22.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
23. 23.A small business sells 11 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
24. 24.A small business sells 44 clay diyas at ₹30 each. Its costs are ₹270. What is its profit (in ₹)?
25. 25.A small business selling glasses of chai had a revenue of ₹420 and a profit of ₹350. What were its costs (in ₹)?
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
27. 27.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) a separate legal body
28. 28.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
29. 29.A small business sells 57 clay diyas at ₹15 each. Its costs are ₹480. What is its profit (in ₹)?
30. 30.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
31. 31.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
32. 32.A small business sells 20 potted plants at ₹50 each. Its costs are ₹370. What is its profit (in ₹)?
33. 33.A small business sells 19 painted pebbles at ₹5 each. What is its revenue (in ₹)?
34. 34.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
35. 35.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) a separate legal body
36. 36.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
37. 37.A small business sells 29 clay diyas at ₹35 each. What is its revenue (in ₹)?
38. 38.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) owners’ risk is limited
39. 39.A small business selling handmade cards had a revenue of ₹1680 and a profit of ₹1050. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) a separate legal body

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