Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 796 · 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 friendship bands had a revenue of ₹2450 and a profit of ₹2060. What were its costs (in ₹)?
2. 2.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
3. 3.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
4. 4.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
5. 5.A small business selling fruit cups had a revenue of ₹720 and a profit of ₹640. What were its costs (in ₹)?
6. 6.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) one owner runs it (d) owner owes the debts
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
10. 10.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) simplest to start
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
12. 12.A small business sells 15 friendship bands at ₹5 each. What is its revenue (in ₹)?
13. 13.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
14. 14.A small business sells 60 painted pebbles at ₹20 each. Its costs are ₹410. What is its profit (in ₹)?
15. 15.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
16. 16.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
17. 17.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 11 cupcakes at ₹20 each. What is its revenue (in ₹)?
19. 19.A small business sells 20 jute bags at ₹5 each. What is its revenue (in ₹)?
20. 20.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
21. 21.True or false: “run by directors” is true of a sole trader. (a) True (b) False
22. 22.A small business sells 35 glasses of chai at ₹50 each. What is its revenue (in ₹)?
23. 23.A small business selling paper bookmarks had a revenue of ₹675 and a profit of ₹655. What were its costs (in ₹)?
24. 24.True or false: “simplest to start” is true of a company. (a) False (b) True
25. 25.True or false: “run by directors” is true of a company. (a) False (b) True
26. 26.A small business selling cupcakes had a revenue of ₹1175 and a profit of ₹415. What were its costs (in ₹)?
27. 27.True or false: “one owner runs it” is true of a company. (a) True (b) False
28. 28.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
29. 29.A small business selling potted plants had a revenue of ₹65 and a profit of ₹55. What were its costs (in ₹)?
30. 30.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
31. 31.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
32. 32.A small business sells 29 cupcakes at ₹5 each. What is its revenue (in ₹)?
33. 33.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
34. 34.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
35. 35.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) one owner runs it (d) simplest to start
36. 36.A small business sells 30 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
37. 37.A small business sells 56 cupcakes at ₹50 each. Its costs are ₹690. What is its profit (in ₹)?
38. 38.A small business sells 57 fruit cups at ₹40 each. What is its revenue (in ₹)?
39. 39.A small business sells 38 handmade cards at ₹25 each. What is its revenue (in ₹)?
40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False

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