Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 776 · 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 friendship bands at ₹40 each. What is its revenue (in ₹)?
2. 2.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
3. 3.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.A small business sells 18 bags of popcorn at ₹25 each. Its costs are ₹30. What is its profit (in ₹)?
7. 7.A small business sells 37 friendship bands at ₹30 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
9. 9.A small business sells 37 handmade cards at ₹10 each. What is its revenue (in ₹)?
10. 10.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
11. 11.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
12. 12.A small business selling friendship bands had a revenue of ₹1880 and a profit of ₹440. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) owners’ risk is limited
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner owes the debts (d) owned by shareholders
16. 16.True or false: “run by directors” is true of a sole trader. (a) True (b) False
17. 17.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
18. 18.A small business sells 29 cupcakes at ₹25 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
20. 20.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
21. 21.True or false: “simplest to start” is true of a company. (a) False (b) True
22. 22.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
23. 23.True or false: “run by directors” is true of a company. (a) True (b) False
24. 24.A small business selling potted plants had a revenue of ₹140 and a profit of ₹130. What were its costs (in ₹)?
25. 25.A small business sells 42 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
26. 26.A small business selling cupcakes had a revenue of ₹480 and a profit of ₹250. What were its costs (in ₹)?
27. 27.A small business sells 36 cupcakes at ₹45 each. What is its revenue (in ₹)?
28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
29. 29.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
30. 30.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) a separate legal body
31. 31.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
32. 32.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
33. 33.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
34. 34.A small business selling handmade cards had a revenue of ₹520 and a profit of ₹60. What were its costs (in ₹)?
35. 35.A small business sells 14 glasses of chai at ₹10 each. What is its revenue (in ₹)?
36. 36.A small business selling handmade cards had a revenue of ₹290 and a profit of ₹200. What were its costs (in ₹)?
37. 37.A small business selling cups of lemonade had a revenue of ₹1350 and a profit of ₹1030. What were its costs (in ₹)?
38. 38.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
39. 39.A small business selling clay diyas had a revenue of ₹350 and a profit of ₹120. What were its costs (in ₹)?
40. 40.A small business sells 21 cupcakes at ₹50 each. What is its revenue (in ₹)?

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