Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 897 · 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 selling handmade cards had a revenue of ₹950 and a profit of ₹70. What were its costs (in ₹)?
2. 2.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
3. 3.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
4. 4.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
5. 5.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
6. 6.True or false: “run by directors” is true of a company. (a) False (b) True
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
8. 8.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
9. 9.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
10. 10.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
11. 11.A small business selling painted pebbles had a revenue of ₹825 and a profit of ₹285. What were its costs (in ₹)?
12. 12.A small business selling handmade cards had a revenue of ₹1770 and a profit of ₹1350. What were its costs (in ₹)?
13. 13.A small business selling clay diyas had a revenue of ₹1500 and a profit of ₹560. What were its costs (in ₹)?
14. 14.A small business selling jute bags had a revenue of ₹50 and a profit of ₹30. What were its costs (in ₹)?
15. 15.True or false: “owned by shareholders” is true of a company. (a) True (b) False
16. 16.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
17. 17.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
18. 18.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
19. 19.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
20. 20.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
21. 21.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
22. 22.A small business selling fruit cups had a revenue of ₹300 and a profit of ₹10. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
24. 24.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
25. 25.A small business sells 55 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
26. 26.A small business selling painted pebbles had a revenue of ₹490 and a profit of ₹20. What were its costs (in ₹)?
27. 27.A small business sells 40 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
29. 29.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) simplest to start (d) one owner runs it
30. 30.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owners’ risk is limited
31. 31.A small business sells 50 potted plants at ₹10 each. What is its revenue (in ₹)?
32. 32.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
33. 33.A small business sells 27 glasses of chai at ₹15 each. Its costs are ₹100. What is its profit (in ₹)?
34. 34.A small business selling jute bags had a revenue of ₹400 and a profit of ₹250. What were its costs (in ₹)?
35. 35.A small business sells 51 friendship bands at ₹45 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
37. 37.A small business selling jute bags had a revenue of ₹570 and a profit of ₹410. What were its costs (in ₹)?
38. 38.A small business selling glasses of chai had a revenue of ₹1755 and a profit of ₹465. What were its costs (in ₹)?
39. 39.A small business selling paper bookmarks had a revenue of ₹220 and a profit of ₹20. What were its costs (in ₹)?
40. 40.A small business selling paper bookmarks had a revenue of ₹1470 and a profit of ₹60. What were its costs (in ₹)?

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