Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 789 · 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 jute bags had a revenue of ₹1225 and a profit of ₹265. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
5. 5.A small business sells 21 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
6. 6.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
7. 7.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
8. 8.A small business selling jute bags had a revenue of ₹1560 and a profit of ₹1120. What were its costs (in ₹)?
9. 9.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) run by directors
11. 11.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
12. 12.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) a separate legal body
13. 13.A small business sells 12 clay diyas at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
14. 14.A small business sells 13 fruit cups at ₹20 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) run by directors
16. 16.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
17. 17.True or false: “simplest to start” is true of a company. (a) True (b) False
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) a separate legal body (d) run by directors
19. 19.A small business sells 20 clay diyas at ₹40 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) owner keeps all profit
21. 21.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
22. 22.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
23. 23.A small business sells 18 paper bookmarks at ₹35 each. Its costs are ₹590. What is its profit (in ₹)?
24. 24.True or false: “a separate legal body” is true of a company. (a) False (b) True
25. 25.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
26. 26.A small business sells 15 cups of lemonade at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
27. 27.True or false: “owned by shareholders” is true of a company. (a) False (b) True
28. 28.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
30. 30.A small business sells 59 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
33. 33.A small business sells 50 clay diyas at ₹50 each. What is its revenue (in ₹)?
34. 34.A small business sells 24 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
35. 35.A small business sells 40 cupcakes at ₹35 each. What is its revenue (in ₹)?
36. 36.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
37. 37.A small business sells 53 friendship bands at ₹5 each. What is its revenue (in ₹)?
38. 38.A small business selling painted pebbles had a revenue of ₹1125 and a profit of ₹895. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader

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