Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 893 · 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 50 clay diyas at ₹5 each. What is its revenue (in ₹)?
2. 2.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
3. 3.A small business selling cups of lemonade had a revenue of ₹375 and a profit of ₹185. What were its costs (in ₹)?
4. 4.A small business sells 43 cupcakes at ₹20 each. Its costs are ₹800. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
6. 6.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
8. 8.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
9. 9.A small business selling cupcakes had a revenue of ₹240 and a profit of ₹80. What were its costs (in ₹)?
10. 10.A small business sells 10 fruit cups at ₹35 each. What is its revenue (in ₹)?
11. 11.A small business sells 55 friendship bands at ₹15 each. What is its revenue (in ₹)?
12. 12.A small business selling jute bags had a revenue of ₹450 and a profit of ₹100. What were its costs (in ₹)?
13. 13.True or false: “owned by shareholders” is true of a company. (a) False (b) True
14. 14.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner keeps all profit (d) owner owes the debts
15. 15.A small business sells 28 fruit cups at ₹40 each. What is its revenue (in ₹)?
16. 16.True or false: “owner owes the debts” is true of a company. (a) False (b) True
17. 17.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
18. 18.A small business selling handmade cards had a revenue of ₹580 and a profit of ₹490. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
20. 20.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
22. 22.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
23. 23.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
24. 24.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner owes the debts
26. 26.📜 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
27. 27.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
28. 28.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) owner keeps all profit
29. 29.A small business sells 50 friendship bands at ₹40 each. Its costs are ₹1570. What is its profit (in ₹)?
30. 30.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) run by directors
31. 31.True or false: “run by directors” is true of a company. (a) False (b) True
32. 32.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
33. 33.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
34. 34.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner owes the debts (d) one owner runs it
35. 35.A small business sells 44 cupcakes at ₹25 each. Its costs are ₹900. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
37. 37.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
38. 38.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
39. 39.A small business sells 34 potted plants at ₹15 each. Its costs are ₹300. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader

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