Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 89 · 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 54 handmade cards at ₹25 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
3. 3.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
4. 4.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
5. 5.True or false: “owner owes the debts” is true of a company. (a) False (b) True
6. 6.A small business sells 45 painted pebbles at ₹45 each. Its costs are ₹1210. What is its profit (in ₹)?
7. 7.A small business sells 48 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
9. 9.A small business sells 18 clay diyas at ₹40 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
12. 12.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
13. 13.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) run by directors
14. 14.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
15. 15.A small business sells 27 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
16. 16.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
17. 17.A small business sells 44 painted pebbles at ₹10 each. Its costs are ₹410. What is its profit (in ₹)?
18. 18.True or false: “run by directors” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 41 cupcakes at ₹10 each. Its costs are ₹200. What is its profit (in ₹)?
20. 20.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
22. 22.A small business sells 17 glasses of chai at ₹10 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owned by shareholders (d) owners’ risk is limited
24. 24.A small business sells 42 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
25. 25.A small business sells 54 potted plants at ₹5 each. What is its revenue (in ₹)?
26. 26.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
27. 27.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
28. 28.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
29. 29.A small business selling bags of popcorn had a revenue of ₹1015 and a profit of ₹795. What were its costs (in ₹)?
30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
31. 31.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
32. 32.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
33. 33.A small business selling potted plants had a revenue of ₹450 and a profit of ₹170. What were its costs (in ₹)?
34. 34.A small business sells 13 cupcakes at ₹40 each. Its costs are ₹390. What is its profit (in ₹)?
35. 35.A small business sells 51 friendship bands at ₹15 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
37. 37.A small business sells 25 paper bookmarks at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
38. 38.A small business sells 41 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
39. 39.A small business sells 36 handmade cards at ₹20 each. What is its revenue (in ₹)?
40. 40.📊 Revenue or profit: left after all costs? (a) revenue (b) profit

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