Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 892 · 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 22 fruit cups at ₹50 each. Its costs are ₹930. What is its profit (in ₹)?
2. 2.A small business sells 23 friendship bands at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
3. 3.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
5. 5.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
6. 6.A small business sells 57 clay diyas at ₹15 each. Its costs are ₹220. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
8. 8.True or false: “owner owes the debts” is true of a company. (a) False (b) True
9. 9.A small business selling potted plants had a revenue of ₹2205 and a profit of ₹1945. What were its costs (in ₹)?
10. 10.True or false: “one owner runs it” is true of a company. (a) True (b) False
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) run by directors
12. 12.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owned by shareholders (d) owners’ risk is limited
14. 14.True or false: “run by directors” is true of a sole trader. (a) False (b) True
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) one owner runs it (d) owners’ risk is limited
17. 17.True or false: “owned by shareholders” is true of a company. (a) True (b) False
18. 18.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
19. 19.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) owned by shareholders (d) run by directors
20. 20.A small business sells 18 painted pebbles at ₹5 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
22. 22.A small business selling paper bookmarks had a revenue of ₹520 and a profit of ₹150. What were its costs (in ₹)?
23. 23.A small business sells 17 painted pebbles at ₹30 each. What is its revenue (in ₹)?
24. 24.A small business sells 15 jute bags at ₹45 each. Its costs are ₹100. What is its profit (in ₹)?
25. 25.A small business selling friendship bands had a revenue of ₹170 and a profit of ₹110. What were its costs (in ₹)?
26. 26.A small business selling handmade cards had a revenue of ₹65 and a profit of ₹25. What were its costs (in ₹)?
27. 27.A small business sells 19 handmade cards at ₹5 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
29. 29.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
30. 30.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
31. 31.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
32. 32.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
33. 33.A small business selling jute bags had a revenue of ₹560 and a profit of ₹350. What were its costs (in ₹)?
34. 34.True or false: “run by directors” is true of a company. (a) False (b) True
35. 35.A small business sells 29 handmade cards at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
37. 37.A small business selling friendship bands had a revenue of ₹540 and a profit of ₹290. What were its costs (in ₹)?
38. 38.True or false: “a separate legal body” is true of a company. (a) False (b) True
39. 39.True or false: “simplest to start” is true of a company. (a) False (b) True
40. 40.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True

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