Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 767 · 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 paper bookmarks had a revenue of ₹960 and a profit of ₹900. What were its costs (in ₹)?
2. 2.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
3. 3.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
4. 4.A small business selling clay diyas had a revenue of ₹1150 and a profit of ₹260. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner owes the debts
6. 6.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) owners’ risk is limited
7. 7.A small business selling bags of popcorn had a revenue of ₹235 and a profit of ₹225. What were its costs (in ₹)?
8. 8.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
10. 10.A small business selling bags of popcorn had a revenue of ₹1700 and a profit of ₹170. What were its costs (in ₹)?
11. 11.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
12. 12.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
13. 13.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
14. 14.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
15. 15.A small business sells 33 friendship bands at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
16. 16.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) run by directors
17. 17.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
18. 18.A small business selling cupcakes had a revenue of ₹1440 and a profit of ₹230. What were its costs (in ₹)?
19. 19.A small business sells 25 glasses of chai at ₹15 each. What is its revenue (in ₹)?
20. 20.A small business selling potted plants had a revenue of ₹440 and a profit of ₹390. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
22. 22.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
23. 23.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) owned by shareholders (d) run by directors
25. 25.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
26. 26.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
27. 27.True or false: “owner owes the debts” is true of a company. (a) False (b) True
28. 28.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
29. 29.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
30. 30.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
31. 31.A small business selling painted pebbles had a revenue of ₹440 and a profit of ₹50. What were its costs (in ₹)?
32. 32.A small business selling fruit cups had a revenue of ₹420 and a profit of ₹60. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
34. 34.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
35. 35.True or false: “run by directors” is true of a sole trader. (a) True (b) False
36. 36.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) owner owes the debts
37. 37.A small business sells 55 fruit cups at ₹35 each. Its costs are ₹1110. What is its profit (in ₹)?
38. 38.A small business sells 35 potted plants at ₹30 each. What is its revenue (in ₹)?
39. 39.A small business sells 50 paper bookmarks at ₹50 each. Its costs are ₹300. What is its profit (in ₹)?
40. 40.A small business sells 39 painted pebbles at ₹50 each. What is its revenue (in ₹)?

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