Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 641 · 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 ₹950 and a profit of ₹40. What were its costs (in ₹)?
2. 2.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
3. 3.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
4. 4.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
5. 5.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
6. 6.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) simplest to start (d) owner owes the debts
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
12. 12.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
13. 13.True or false: “a separate legal body” is true of a company. (a) True (b) False
14. 14.True or false: “run by directors” is true of a company. (a) False (b) True
15. 15.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
16. 16.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
17. 17.A small business sells 38 handmade cards at ₹25 each. Its costs are ₹270. What is its profit (in ₹)?
18. 18.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owned by shareholders (d) run by directors
19. 19.True or false: “run by directors” is true of a sole trader. (a) True (b) False
20. 20.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
21. 21.A small business sells 18 painted pebbles at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
22. 22.A small business selling cups of lemonade had a revenue of ₹1080 and a profit of ₹230. What were its costs (in ₹)?
23. 23.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
24. 24.A small business sells 20 friendship bands at ₹35 each. Its costs are ₹100. What is its profit (in ₹)?
25. 25.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
26. 26.A small business sells 21 paper bookmarks at ₹15 each. Its costs are ₹260. What is its profit (in ₹)?
27. 27.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
28. 28.A small business selling friendship bands had a revenue of ₹190 and a profit of ₹120. What were its costs (in ₹)?
29. 29.A small business sells 27 clay diyas at ₹15 each. What is its revenue (in ₹)?
30. 30.A small business sells 37 painted pebbles at ₹35 each. Its costs are ₹100. What is its profit (in ₹)?
31. 31.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) a separate legal body (d) run by directors
32. 32.A small business selling glasses of chai had a revenue of ₹465 and a profit of ₹195. What were its costs (in ₹)?
33. 33.A small business sells 30 friendship bands at ₹35 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
35. 35.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
36. 36.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
37. 37.A small business sells 28 paper bookmarks at ₹50 each. Its costs are ₹850. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
39. 39.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
40. 40.A small business sells 14 handmade cards at ₹45 each. What is its revenue (in ₹)?

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