Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 852 · 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 painted pebbles had a revenue of ₹250 and a profit of ₹240. What were its costs (in ₹)?
2. 2.A small business selling bags of popcorn had a revenue of ₹1880 and a profit of ₹1150. What were its costs (in ₹)?
3. 3.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
5. 5.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
6. 6.A small business sells 25 handmade cards at ₹5 each. What is its revenue (in ₹)?
7. 7.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
9. 9.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
10. 10.A small business sells 44 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
11. 11.A small business sells 19 jute bags at ₹20 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
13. 13.A small business selling handmade cards had a revenue of ₹1890 and a profit of ₹740. What were its costs (in ₹)?
14. 14.True or false: “simplest to start” is true of a company. (a) False (b) True
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
17. 17.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
18. 18.True or false: “owner owes the debts” is true of a company. (a) False (b) True
19. 19.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
20. 20.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
21. 21.A small business sells 34 clay diyas at ₹40 each. Its costs are ₹500. What is its profit (in ₹)?
22. 22.A small business sells 15 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
23. 23.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
24. 24.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) owner keeps all profit (d) one owner runs it
25. 25.A small business sells 23 cups of lemonade at ₹15 each. Its costs are ₹100. What is its profit (in ₹)?
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) run by directors
27. 27.A small business sells 55 cupcakes at ₹35 each. What is its revenue (in ₹)?
28. 28.A small business sells 38 painted pebbles at ₹5 each. What is its revenue (in ₹)?
29. 29.A small business sells 59 handmade cards at ₹40 each. Its costs are ₹1870. What is its profit (in ₹)?
30. 30.A small business selling glasses of chai had a revenue of ₹435 and a profit of ₹415. What were its costs (in ₹)?
31. 31.True or false: “run by directors” is true of a sole trader. (a) False (b) True
32. 32.A small business selling glasses of chai had a revenue of ₹1400 and a profit of ₹880. What were its costs (in ₹)?
33. 33.A small business selling fruit cups had a revenue of ₹1680 and a profit of ₹770. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
35. 35.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
36. 36.A small business selling potted plants had a revenue of ₹120 and a profit of ₹70. What were its costs (in ₹)?
37. 37.True or false: “owned by shareholders” is true of a company. (a) False (b) True
38. 38.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
39. 39.True or false: “one owner runs it” is true of a company. (a) False (b) True
40. 40.A small business selling glasses of chai had a revenue of ₹2240 and a profit of ₹90. What were its costs (in ₹)?

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