Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 861 · 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 30 paper bookmarks at ₹50 each. Its costs are ₹630. What is its profit (in ₹)?
2. 2.A small business selling potted plants had a revenue of ₹595 and a profit of ₹55. What were its costs (in ₹)?
3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
4. 4.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
5. 5.A small business sells 43 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
6. 6.True or false: “run by directors” is true of a sole trader. (a) False (b) True
7. 7.True or false: “simplest to start” is true of a company. (a) False (b) True
8. 8.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
9. 9.A small business sells 54 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
10. 10.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
11. 11.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
12. 12.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
13. 13.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
14. 14.A small business selling cupcakes had a revenue of ₹225 and a profit of ₹155. What were its costs (in ₹)?
15. 15.True or false: “one owner runs it” is true of a company. (a) False (b) True
16. 16.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) simplest to start (d) one owner runs it
17. 17.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
18. 18.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner owes the debts (d) owner keeps all profit
19. 19.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
20. 20.A small business sells 18 clay diyas at ₹35 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) run by directors
23. 23.True or false: “owned by shareholders” is true of a company. (a) False (b) True
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
26. 26.A small business sells 14 fruit cups at ₹20 each. Its costs are ₹250. What is its profit (in ₹)?
27. 27.A small business sells 27 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
28. 28.A small business selling cups of lemonade had a revenue of ₹210 and a profit of ₹90. What were its costs (in ₹)?
29. 29.A small business sells 35 cupcakes at ₹25 each. What is its revenue (in ₹)?
30. 30.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) simplest to start
31. 31.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
32. 32.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
33. 33.A small business sells 46 painted pebbles at ₹15 each. What is its revenue (in ₹)?
34. 34.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
35. 35.A small business selling cupcakes had a revenue of ₹960 and a profit of ₹940. What were its costs (in ₹)?
36. 36.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner owes the debts
37. 37.A small business sells 17 friendship bands at ₹40 each. What is its revenue (in ₹)?
38. 38.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
39. 39.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
40. 40.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company

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