Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 726 · 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 53 glasses of chai at ₹25 each. What is its revenue (in ₹)?
2. 2.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
3. 3.A small business selling clay diyas had a revenue of ₹300 and a profit of ₹110. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
5. 5.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
8. 8.A small business sells 17 glasses of chai at ₹20 each. What is its revenue (in ₹)?
9. 9.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
10. 10.A small business selling glasses of chai had a revenue of ₹70 and a profit of ₹50. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
12. 12.A small business sells 34 painted pebbles at ₹50 each. Its costs are ₹490. What is its profit (in ₹)?
13. 13.A small business selling glasses of chai had a revenue of ₹1000 and a profit of ₹970. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
15. 15.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
16. 16.A small business sells 17 cupcakes at ₹40 each. Its costs are ₹640. What is its profit (in ₹)?
17. 17.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
18. 18.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owned by shareholders (d) owner owes the debts
19. 19.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
20. 20.A small business selling potted plants had a revenue of ₹1560 and a profit of ₹1430. What were its costs (in ₹)?
21. 21.A small business selling handmade cards had a revenue of ₹195 and a profit of ₹35. What were its costs (in ₹)?
22. 22.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
23. 23.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
24. 24.A small business sells 45 cups of lemonade at ₹35 each. Its costs are ₹1310. What is its profit (in ₹)?
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.A small business sells 18 cups of lemonade at ₹40 each. Its costs are ₹580. What is its profit (in ₹)?
27. 27.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
28. 28.A small business sells 28 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
29. 29.A small business selling cups of lemonade had a revenue of ₹540 and a profit of ₹180. What were its costs (in ₹)?
30. 30.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
32. 32.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
33. 33.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
34. 34.A small business sells 29 painted pebbles at ₹45 each. Its costs are ₹1070. What is its profit (in ₹)?
35. 35.True or false: “owned by shareholders” is true of a company. (a) False (b) True
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
37. 37.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) run by directors (d) owners’ risk is limited
38. 38.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) owners’ risk is limited
39. 39.A small business sells 51 bags of popcorn at ₹20 each. Its costs are ₹480. What is its profit (in ₹)?
40. 40.📊 Revenue or profit: all money from sales? (a) profit (b) revenue

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