Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 900 · 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 10 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
2. 2.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner owes the debts (d) a separate legal body
5. 5.A small business sells 31 cups of lemonade at ₹35 each. Its costs are ₹750. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
7. 7.A small business selling fruit cups had a revenue of ₹960 and a profit of ₹850. What were its costs (in ₹)?
8. 8.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
10. 10.A small business sells 32 clay diyas at ₹20 each. What is its revenue (in ₹)?
11. 11.A small business sells 40 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) a separate legal body
13. 13.A small business sells 59 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
14. 14.A small business selling clay diyas had a revenue of ₹1350 and a profit of ₹1140. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) a separate legal body (d) owners’ risk is limited
17. 17.A small business sells 31 clay diyas at ₹20 each. Its costs are ₹420. What is its profit (in ₹)?
18. 18.📜 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
19. 19.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
20. 20.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
21. 21.A small business selling friendship bands had a revenue of ₹1365 and a profit of ₹275. What were its costs (in ₹)?
22. 22.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
23. 23.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) owners’ risk is limited
24. 24.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) simplest to start (d) owner keeps all profit
25. 25.A small business sells 55 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
26. 26.A small business sells 40 friendship bands at ₹5 each. What is its revenue (in ₹)?
27. 27.A small business selling clay diyas had a revenue of ₹1225 and a profit of ₹555. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
29. 29.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) one owner runs it (d) simplest to start
30. 30.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
31. 31.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
32. 32.True or false: “run by directors” is true of a company. (a) False (b) True
33. 33.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
34. 34.A small business sells 36 fruit cups at ₹35 each. What is its revenue (in ₹)?
35. 35.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
36. 36.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner keeps all profit (d) simplest to start
37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
38. 38.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
39. 39.True or false: “simplest to start” is true of a company. (a) False (b) True
40. 40.True or false: “owner keeps all profit” is true of a company. (a) False (b) True

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