Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 719 · 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 45 fruit cups at ₹35 each. Its costs are ₹890. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
3. 3.A small business sells 57 jute bags at ₹20 each. Its costs are ₹60. What is its profit (in ₹)?
4. 4.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) owned by shareholders
5. 5.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
8. 8.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
9. 9.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
10. 10.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
13. 13.A small business sells 15 cupcakes at ₹30 each. Its costs are ₹240. What is its profit (in ₹)?
14. 14.A small business sells 28 jute bags at ₹25 each. What is its revenue (in ₹)?
15. 15.A small business sells 25 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
16. 16.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
17. 17.True or false: “simplest to start” is true of a company. (a) False (b) True
18. 18.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner owes the debts
19. 19.A small business sells 46 painted pebbles at ₹30 each. Its costs are ₹830. What is its profit (in ₹)?
20. 20.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) owners’ risk is limited
21. 21.A small business sells 14 clay diyas at ₹45 each. Its costs are ₹270. What is its profit (in ₹)?
22. 22.A small business sells 38 glasses of chai at ₹45 each. Its costs are ₹1080. What is its profit (in ₹)?
23. 23.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
24. 24.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
25. 25.A small business selling potted plants had a revenue of ₹265 and a profit of ₹115. What were its costs (in ₹)?
26. 26.A small business sells 23 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
27. 27.A small business sells 25 clay diyas at ₹25 each. Its costs are ₹580. What is its profit (in ₹)?
28. 28.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
29. 29.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
30. 30.A small business sells 16 glasses of chai at ₹25 each. What is its revenue (in ₹)?
31. 31.A small business sells 11 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
32. 32.A small business selling cupcakes had a revenue of ₹1000 and a profit of ₹720. What were its costs (in ₹)?
33. 33.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
34. 34.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
35. 35.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
36. 36.A small business selling glasses of chai had a revenue of ₹570 and a profit of ₹300. What were its costs (in ₹)?
37. 37.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
38. 38.A small business sells 41 jute bags at ₹25 each. Its costs are ₹720. What is its profit (in ₹)?
39. 39.A small business sells 34 cupcakes at ₹20 each. What is its revenue (in ₹)?
40. 40.A small business sells 32 bags of popcorn at ₹25 each. Its costs are ₹450. What is its profit (in ₹)?

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