Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 881 · 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.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
2. 2.True or false: “simplest to start” is true of a company. (a) True (b) False
3. 3.A small business selling jute bags had a revenue of ₹640 and a profit of ₹180. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
5. 5.A small business sells 19 clay diyas at ₹20 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) a separate legal body
7. 7.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) simplest to start
8. 8.A small business sells 22 cups of lemonade at ₹15 each. Its costs are ₹10. What is its profit (in ₹)?
9. 9.True or false: “owned by shareholders” is true of a company. (a) True (b) False
10. 10.A small business sells 27 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
11. 11.True or false: “one owner runs it” is true of a company. (a) True (b) False
12. 12.A small business sells 57 handmade cards at ₹5 each. What is its revenue (in ₹)?
13. 13.A small business sells 38 handmade cards at ₹35 each. Its costs are ₹110. What is its profit (in ₹)?
14. 14.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owned by shareholders (d) run by directors
15. 15.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
16. 16.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
17. 17.A small business sells 52 glasses of chai at ₹20 each. Its costs are ₹250. What is its profit (in ₹)?
18. 18.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
19. 19.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
20. 20.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
21. 21.A small business sells 22 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.A small business sells 25 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
26. 26.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
27. 27.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
28. 28.A small business selling painted pebbles had a revenue of ₹1200 and a profit of ₹1010. What were its costs (in ₹)?
29. 29.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) run by directors
30. 30.A small business sells 46 friendship bands at ₹50 each. Its costs are ₹2260. What is its profit (in ₹)?
31. 31.A small business sells 57 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
32. 32.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.A small business sells 13 fruit cups at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
35. 35.True or false: “run by directors” is true of a company. (a) True (b) False
36. 36.A small business sells 49 handmade cards at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
37. 37.A small business selling cups of lemonade had a revenue of ₹375 and a profit of ₹95. What were its costs (in ₹)?
38. 38.A small business sells 57 cupcakes at ₹25 each. Its costs are ₹1260. What is its profit (in ₹)?
39. 39.A small business sells 25 cupcakes at ₹25 each. What is its revenue (in ₹)?
40. 40.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner keeps all profit (d) one owner runs it

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