Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 874 · 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 37 glasses of chai at ₹10 each. Its costs are ₹270. What is its profit (in ₹)?
2. 2.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) one owner runs it (d) owner keeps all profit
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
5. 5.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
6. 6.A small business selling cupcakes had a revenue of ₹810 and a profit of ₹330. What were its costs (in ₹)?
7. 7.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
8. 8.A small business sells 13 cupcakes at ₹20 each. What is its revenue (in ₹)?
9. 9.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
10. 10.A small business sells 33 potted plants at ₹35 each. Its costs are ₹930. What is its profit (in ₹)?
11. 11.A small business sells 40 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
14. 14.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
16. 16.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
17. 17.A small business sells 35 fruit cups at ₹20 each. What is its revenue (in ₹)?
18. 18.A small business sells 25 jute bags at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
19. 19.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
20. 20.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) run by directors
21. 21.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
22. 22.A small business sells 56 clay diyas at ₹35 each. What is its revenue (in ₹)?
23. 23.A small business sells 44 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
25. 25.True or false: “owned by shareholders” is true of a company. (a) False (b) True
26. 26.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) owner owes the debts
27. 27.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
28. 28.📜 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
29. 29.A small business sells 52 cups of lemonade at ₹45 each. Its costs are ₹940. What is its profit (in ₹)?
30. 30.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
31. 31.A small business sells 47 potted plants at ₹35 each. Its costs are ₹1200. What is its profit (in ₹)?
32. 32.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) owned by shareholders
33. 33.A small business sells 32 painted pebbles at ₹10 each. What is its revenue (in ₹)?
34. 34.A small business selling jute bags had a revenue of ₹650 and a profit of ₹290. What were its costs (in ₹)?
35. 35.A small business sells 55 jute bags at ₹30 each. Its costs are ₹390. What is its profit (in ₹)?
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owned by shareholders (d) simplest to start
37. 37.A small business sells 19 painted pebbles at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
38. 38.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
39. 39.A small business sells 24 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
40. 40.A small business sells 23 friendship bands at ₹10 each. What is its revenue (in ₹)?

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