Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 703 · 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 painted pebbles had a revenue of ₹315 and a profit of ₹305. What were its costs (in ₹)?
2. 2.A small business sells 45 friendship bands at ₹35 each. What is its revenue (in ₹)?
3. 3.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
4. 4.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) owner owes the debts (d) one owner runs it
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.A small business selling friendship bands had a revenue of ₹570 and a profit of ₹380. What were its costs (in ₹)?
7. 7.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
8. 8.True or false: “run by directors” is true of a sole trader. (a) True (b) False
9. 9.A small business sells 48 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
10. 10.A small business sells 18 friendship bands at ₹25 each. What is its revenue (in ₹)?
11. 11.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
12. 12.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
13. 13.A small business sells 31 cupcakes at ₹50 each. Its costs are ₹450. What is its profit (in ₹)?
14. 14.A small business sells 21 jute bags at ₹40 each. Its costs are ₹110. What is its profit (in ₹)?
15. 15.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) simplest to start
16. 16.A small business sells 27 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
17. 17.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
18. 18.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
19. 19.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
20. 20.A small business sells 21 friendship bands at ₹20 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
22. 22.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
23. 23.True or false: “simplest to start” is true of a company. (a) False (b) True
24. 24.A small business sells 18 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
25. 25.A small business sells 41 painted pebbles at ₹50 each. What is its revenue (in ₹)?
26. 26.A small business sells 23 handmade cards at ₹40 each. What is its revenue (in ₹)?
27. 27.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
28. 28.A small business sells 10 cups of lemonade at ₹20 each. Its costs are ₹40. What is its profit (in ₹)?
29. 29.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) simplest to start (d) owner owes the debts
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
31. 31.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
32. 32.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
33. 33.A small business sells 24 bags of popcorn at ₹50 each. Its costs are ₹700. What is its profit (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) a separate legal body
35. 35.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
36. 36.True or false: “owner owes the debts” is true of a company. (a) True (b) False
37. 37.A small business sells 33 potted plants at ₹5 each. What is its revenue (in ₹)?
38. 38.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
39. 39.A small business sells 40 painted pebbles at ₹10 each. Its costs are ₹200. What is its profit (in ₹)?
40. 40.A small business selling handmade cards had a revenue of ₹690 and a profit of ₹190. What were its costs (in ₹)?

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