Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 869 · 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 glasses of chai had a revenue of ₹675 and a profit of ₹625. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
3. 3.A small business sells 33 clay diyas at ₹40 each. Its costs are ₹60. What is its profit (in ₹)?
4. 4.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
5. 5.A small business selling bags of popcorn had a revenue of ₹60 and a profit of ₹10. What were its costs (in ₹)?
6. 6.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
7. 7.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.A small business selling painted pebbles had a revenue of ₹1020 and a profit of ₹850. What were its costs (in ₹)?
10. 10.A small business sells 37 glasses of chai at ₹45 each. What is its revenue (in ₹)?
11. 11.A small business sells 33 painted pebbles at ₹30 each. What is its revenue (in ₹)?
12. 12.A small business sells 22 painted pebbles at ₹45 each. What is its revenue (in ₹)?
13. 13.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owners’ risk is limited
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
16. 16.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
20. 20.A small business sells 25 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
22. 22.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owned by shareholders
23. 23.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) simplest to start (d) owner keeps all profit
24. 24.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
25. 25.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
26. 26.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) owners’ risk is limited
28. 28.A small business sells 10 friendship bands at ₹15 each. What is its revenue (in ₹)?
29. 29.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
31. 31.A small business sells 51 fruit cups at ₹45 each. Its costs are ₹350. What is its profit (in ₹)?
32. 32.A small business sells 56 handmade cards at ₹15 each. What is its revenue (in ₹)?
33. 33.A small business sells 32 potted plants at ₹45 each. Its costs are ₹60. What is its profit (in ₹)?
34. 34.A small business sells 13 potted plants at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
35. 35.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
36. 36.A small business selling jute bags had a revenue of ₹180 and a profit of ₹70. What were its costs (in ₹)?
37. 37.A small business sells 37 paper bookmarks at ₹45 each. Its costs are ₹80. What is its profit (in ₹)?
38. 38.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
39. 39.A small business sells 36 friendship bands at ₹40 each. What is its revenue (in ₹)?
40. 40.A small business sells 20 jute bags at ₹5 each. What is its revenue (in ₹)?

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