Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 867 · 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 57 fruit cups at ₹45 each. What is its revenue (in ₹)?
2. 2.A small business selling cups of lemonade had a revenue of ₹1720 and a profit of ₹40. What were its costs (in ₹)?
3. 3.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) one owner runs it (d) owners’ risk is limited
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
5. 5.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
6. 6.True or false: “a separate legal body” is true of a company. (a) False (b) True
7. 7.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) simplest to start
8. 8.A small business selling paper bookmarks had a revenue of ₹200 and a profit of ₹180. What were its costs (in ₹)?
9. 9.A small business sells 13 cupcakes at ₹20 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
11. 11.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
12. 12.A small business sells 27 cups of lemonade at ₹50 each. Its costs are ₹820. What is its profit (in ₹)?
13. 13.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) owner owes the debts
15. 15.A small business sells 13 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
16. 16.A small business selling jute bags had a revenue of ₹950 and a profit of ₹450. What were its costs (in ₹)?
17. 17.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
18. 18.A small business selling clay diyas had a revenue of ₹600 and a profit of ₹560. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
20. 20.A small business sells 20 handmade cards at ₹15 each. Its costs are ₹260. What is its profit (in ₹)?
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
22. 22.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
23. 23.A small business sells 30 cupcakes at ₹50 each. What is its revenue (in ₹)?
24. 24.A small business sells 20 cups of lemonade at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
25. 25.True or false: “owned by shareholders” is true of a company. (a) True (b) False
26. 26.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) a separate legal body (d) owners’ risk is limited
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) owners’ risk is limited
28. 28.A small business selling glasses of chai had a revenue of ₹2100 and a profit of ₹760. What were its costs (in ₹)?
29. 29.True or false: “owner owes the debts” is true of a company. (a) True (b) False
30. 30.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
31. 31.A small business sells 28 friendship bands at ₹35 each. Its costs are ₹490. What is its profit (in ₹)?
32. 32.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
33. 33.A small business sells 35 bags of popcorn at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
34. 34.A small business sells 23 cupcakes at ₹35 each. What is its revenue (in ₹)?
35. 35.A small business sells 20 fruit cups at ₹5 each. What is its revenue (in ₹)?
36. 36.True or false: “simplest to start” is true of a company. (a) False (b) True
37. 37.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
38. 38.True or false: “run by directors” is true of a sole trader. (a) False (b) True
39. 39.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
40. 40.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club

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