Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 710 · 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 sells 26 friendship bands at ₹45 each. Its costs are ₹560. What is its profit (in ₹)?
2. 2.A small business sells 11 friendship bands at ₹20 each. What is its revenue (in ₹)?
3. 3.True or false: “owned by shareholders” is true of a company. (a) False (b) True
4. 4.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
5. 5.A small business sells 43 clay diyas at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
6. 6.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) a separate legal body (d) owners’ risk is limited
7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
9. 9.True or false: “run by directors” is true of a company. (a) True (b) False
10. 10.True or false: “a separate legal body” is true of a company. (a) False (b) True
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
14. 14.A small business sells 56 painted pebbles at ₹20 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
16. 16.A small business selling fruit cups had a revenue of ₹1500 and a profit of ₹940. What were its costs (in ₹)?
17. 17.A small business sells 30 cupcakes at ₹5 each. What is its revenue (in ₹)?
18. 18.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
19. 19.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
20. 20.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) owned by shareholders
21. 21.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
22. 22.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
23. 23.A small business selling handmade cards had a revenue of ₹2160 and a profit of ₹740. What were its costs (in ₹)?
24. 24.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
25. 25.A small business selling glasses of chai had a revenue of ₹225 and a profit of ₹75. What were its costs (in ₹)?
26. 26.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
27. 27.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) owner keeps all profit
28. 28.A small business selling glasses of chai had a revenue of ₹1650 and a profit of ₹590. What were its costs (in ₹)?
29. 29.A small business sells 37 cupcakes at ₹50 each. What is its revenue (in ₹)?
30. 30.A small business sells 57 bags of popcorn at ₹30 each. Its costs are ₹780. What is its profit (in ₹)?
31. 31.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) owners’ risk is limited
32. 32.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) a separate legal body
33. 33.A small business sells 29 cupcakes at ₹25 each. What is its revenue (in ₹)?
34. 34.A small business selling handmade cards had a revenue of ₹480 and a profit of ₹360. What were its costs (in ₹)?
35. 35.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) run by directors
36. 36.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
37. 37.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
38. 38.True or false: “owner owes the debts” is true of a company. (a) True (b) False
39. 39.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
40. 40.📊 Revenue or profit: price × number sold? (a) profit (b) revenue

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