Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 768 · 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.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
2. 2.A small business selling painted pebbles had a revenue of ₹600 and a profit of ₹310. What were its costs (in ₹)?
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
4. 4.A small business selling clay diyas had a revenue of ₹1845 and a profit of ₹1345. What were its costs (in ₹)?
5. 5.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
7. 7.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
8. 8.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
9. 9.A small business sells 56 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
10. 10.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
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.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
15. 15.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
16. 16.A small business sells 38 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
17. 17.True or false: “one owner runs it” is true of a company. (a) True (b) False
18. 18.A small business sells 34 jute bags at ₹45 each. What is its revenue (in ₹)?
19. 19.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
20. 20.A small business sells 52 cupcakes at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
21. 21.A small business sells 55 painted pebbles at ₹10 each. What is its revenue (in ₹)?
22. 22.A small business selling glasses of chai had a revenue of ₹750 and a profit of ₹420. What were its costs (in ₹)?
23. 23.A small business sells 26 clay diyas at ₹25 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
25. 25.A small business sells 54 handmade cards at ₹20 each. Its costs are ₹760. What is its profit (in ₹)?
26. 26.A small business sells 28 cupcakes at ₹50 each. Its costs are ₹900. What is its profit (in ₹)?
27. 27.A small business sells 47 potted plants at ₹5 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) run by directors
29. 29.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) one owner runs it (d) a separate legal body
30. 30.A small business sells 38 handmade cards at ₹20 each. Its costs are ₹190. What is its profit (in ₹)?
31. 31.A small business sells 34 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
32. 32.A small business sells 57 friendship bands at ₹30 each. What is its revenue (in ₹)?
33. 33.A small business sells 40 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) one owner runs it
35. 35.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
36. 36.True or false: “owned by shareholders” is true of a company. (a) True (b) False
37. 37.A small business sells 26 fruit cups at ₹30 each. What is its revenue (in ₹)?
38. 38.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
39. 39.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
40. 40.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader

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