Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 700 · 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.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
2. 2.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) run by directors
3. 3.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) owners’ risk is limited
4. 4.A small business sells 37 jute bags at ₹40 each. Its costs are ₹980. What is its profit (in ₹)?
5. 5.A small business sells 18 potted plants at ₹20 each. What is its revenue (in ₹)?
6. 6.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
7. 7.A small business selling cups of lemonade had a revenue of ₹675 and a profit of ₹485. What were its costs (in ₹)?
8. 8.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) simplest to start (d) owner owes the debts
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
10. 10.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
11. 11.A small business sells 26 fruit cups at ₹5 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
14. 14.A small business selling paper bookmarks had a revenue of ₹855 and a profit of ₹265. What were its costs (in ₹)?
15. 15.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
16. 16.A small business sells 27 paper bookmarks at ₹45 each. Its costs are ₹860. What is its profit (in ₹)?
17. 17.A small business selling cupcakes had a revenue of ₹300 and a profit of ₹220. What were its costs (in ₹)?
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) run by directors
19. 19.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
20. 20.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
21. 21.A small business selling handmade cards had a revenue of ₹225 and a profit of ₹205. What were its costs (in ₹)?
22. 22.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
23. 23.True or false: “simplest to start” is true of a company. (a) False (b) True
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 33 potted plants at ₹30 each. Its costs are ₹530. What is its profit (in ₹)?
28. 28.A small business sells 21 fruit cups at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
29. 29.A small business sells 19 fruit cups at ₹20 each. What is its revenue (in ₹)?
30. 30.A small business sells 13 glasses of chai at ₹10 each. What is its revenue (in ₹)?
31. 31.A small business sells 43 clay diyas at ₹15 each. Its costs are ₹560. What is its profit (in ₹)?
32. 32.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
33. 33.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
34. 34.A small business sells 30 handmade cards at ₹40 each. Its costs are ₹310. What is its profit (in ₹)?
35. 35.A small business sells 38 handmade cards at ₹35 each. What is its revenue (in ₹)?
36. 36.A small business sells 21 glasses of chai at ₹35 each. What is its revenue (in ₹)?
37. 37.A small business sells 48 painted pebbles at ₹50 each. What is its revenue (in ₹)?
38. 38.A small business selling bags of popcorn had a revenue of ₹650 and a profit of ₹400. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
40. 40.A small business selling painted pebbles had a revenue of ₹675 and a profit of ₹515. What were its costs (in ₹)?

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