Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 80 · 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 22 cups of lemonade at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
2. 2.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) owners’ risk is limited
3. 3.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
4. 4.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
5. 5.A small business selling cups of lemonade had a revenue of ₹135 and a profit of ₹115. What were its costs (in ₹)?
6. 6.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) run by directors
7. 7.A small business sells 27 glasses of chai at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
9. 9.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
10. 10.A small business sells 16 handmade cards at ₹45 each. Its costs are ₹700. What is its profit (in ₹)?
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) run by directors (d) owners’ risk is limited
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) simplest to start
14. 14.True or false: “run by directors” is true of a sole trader. (a) True (b) False
15. 15.A small business selling cups of lemonade had a revenue of ₹360 and a profit of ₹20. What were its costs (in ₹)?
16. 16.A small business sells 57 glasses of chai at ₹15 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
18. 18.A small business sells 60 friendship bands at ₹10 each. What is its revenue (in ₹)?
19. 19.A small business selling potted plants had a revenue of ₹940 and a profit of ₹780. What were its costs (in ₹)?
20. 20.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
21. 21.True or false: “run by directors” is true of a company. (a) True (b) False
22. 22.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
23. 23.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
25. 25.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
26. 26.A small business selling glasses of chai had a revenue of ₹1250 and a profit of ₹1080. What were its costs (in ₹)?
27. 27.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
28. 28.A small business sells 17 painted pebbles at ₹35 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
30. 30.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
31. 31.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) simplest to start
32. 32.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
33. 33.A small business selling paper bookmarks had a revenue of ₹300 and a profit of ₹220. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
35. 35.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
36. 36.A small business selling potted plants had a revenue of ₹765 and a profit of ₹185. What were its costs (in ₹)?
37. 37.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
38. 38.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
39. 39.A small business sells 56 clay diyas at ₹50 each. What is its revenue (in ₹)?
40. 40.A small business sells 46 cups of lemonade at ₹30 each. Its costs are ₹720. What is its profit (in ₹)?

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