Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 771 · 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 12 clay diyas at ₹20 each. What is its revenue (in ₹)?
2. 2.A small business sells 25 painted pebbles at ₹40 each. What is its revenue (in ₹)?
3. 3.A small business sells 30 painted pebbles at ₹5 each. What is its revenue (in ₹)?
4. 4.A small business sells 33 friendship bands at ₹30 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) run by directors
6. 6.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
7. 7.A small business selling handmade cards had a revenue of ₹1020 and a profit of ₹230. What were its costs (in ₹)?
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.🎂 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
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) owner keeps all profit
13. 13.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
14. 14.A small business sells 21 clay diyas at ₹45 each. Its costs are ₹360. What is its profit (in ₹)?
15. 15.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
16. 16.A small business selling handmade cards had a revenue of ₹345 and a profit of ₹265. What were its costs (in ₹)?
17. 17.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 44 handmade cards at ₹10 each. What is its revenue (in ₹)?
19. 19.A small business sells 58 painted pebbles at ₹15 each. Its costs are ₹300. What is its profit (in ₹)?
20. 20.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
21. 21.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
22. 22.A small business sells 56 cupcakes at ₹40 each. What is its revenue (in ₹)?
23. 23.A small business selling jute bags had a revenue of ₹320 and a profit of ₹220. What were its costs (in ₹)?
24. 24.A small business sells 11 paper bookmarks at ₹35 each. Its costs are ₹20. What is its profit (in ₹)?
25. 25.True or false: “simplest to start” is true of a company. (a) False (b) True
26. 26.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
27. 27.A small business selling paper bookmarks had a revenue of ₹595 and a profit of ₹455. What were its costs (in ₹)?
28. 28.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
29. 29.A small business sells 21 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
32. 32.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
33. 33.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
34. 34.A small business selling cupcakes had a revenue of ₹245 and a profit of ₹55. What were its costs (in ₹)?
35. 35.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
36. 36.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
37. 37.A small business sells 21 jute bags at ₹35 each. Its costs are ₹170. What is its profit (in ₹)?
38. 38.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
39. 39.A small business sells 19 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
40. 40.A small business selling glasses of chai had a revenue of ₹1080 and a profit of ₹820. What were its costs (in ₹)?

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