Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 884 · 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 33 handmade cards at ₹30 each. What is its revenue (in ₹)?
2. 2.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
3. 3.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
4. 4.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
5. 5.A small business sells 18 jute bags at ₹35 each. Its costs are ₹550. What is its profit (in ₹)?
6. 6.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
7. 7.A small business selling fruit cups had a revenue of ₹190 and a profit of ₹110. What were its costs (in ₹)?
8. 8.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
9. 9.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
10. 10.A small business sells 44 cupcakes at ₹35 each. Its costs are ₹920. What is its profit (in ₹)?
11. 11.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
12. 12.True or false: “simplest to start” is true of a company. (a) True (b) False
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) owners’ risk is limited
15. 15.A small business sells 21 paper bookmarks at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
16. 16.A small business selling friendship bands had a revenue of ₹560 and a profit of ₹540. What were its costs (in ₹)?
17. 17.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
18. 18.True or false: “one owner runs it” is true of a company. (a) True (b) False
19. 19.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
20. 20.A small business sells 27 glasses of chai at ₹15 each. Its costs are ₹300. What is its profit (in ₹)?
21. 21.A small business selling painted pebbles had a revenue of ₹375 and a profit of ₹315. What were its costs (in ₹)?
22. 22.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) a separate legal body
23. 23.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
25. 25.A small business sells 24 paper bookmarks at ₹50 each. Its costs are ₹80. What is its profit (in ₹)?
26. 26.A small business sells 34 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
28. 28.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
29. 29.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
30. 30.True or false: “a separate legal body” is true of a company. (a) False (b) True
31. 31.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) a separate legal body
32. 32.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
33. 33.A small business selling bags of popcorn had a revenue of ₹110 and a profit of ₹80. What were its costs (in ₹)?
34. 34.A small business selling fruit cups had a revenue of ₹150 and a profit of ₹90. What were its costs (in ₹)?
35. 35.A small business selling jute bags had a revenue of ₹1850 and a profit of ₹640. What were its costs (in ₹)?
36. 36.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) owner keeps all profit (d) simplest to start
37. 37.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
38. 38.A small business selling glasses of chai had a revenue of ₹1540 and a profit of ₹740. What were its costs (in ₹)?
39. 39.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
40. 40.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owned by shareholders

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