Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 937 · 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 fruit cups had a revenue of ₹2295 and a profit of ₹785. What were its costs (in ₹)?
2. 2.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
5. 5.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
6. 6.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
7. 7.A small business selling cups of lemonade had a revenue of ₹220 and a profit of ₹140. What were its costs (in ₹)?
8. 8.A small business sells 20 glasses of chai at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
9. 9.A small business sells 18 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
10. 10.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
12. 12.True or false: “a separate legal body” is true of a company. (a) False (b) True
13. 13.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
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
15. 15.A small business selling paper bookmarks had a revenue of ₹2430 and a profit of ₹940. What were its costs (in ₹)?
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
17. 17.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
20. 20.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
22. 22.A small business sells 56 handmade cards at ₹35 each. What is its revenue (in ₹)?
23. 23.A small business sells 36 potted plants at ₹45 each. Its costs are ₹30. What is its profit (in ₹)?
24. 24.A small business selling jute bags had a revenue of ₹1720 and a profit of ₹1440. What were its costs (in ₹)?
25. 25.A small business sells 28 potted plants at ₹10 each. What is its revenue (in ₹)?
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) run by directors
27. 27.A small business sells 23 painted pebbles at ₹40 each. Its costs are ₹200. What is its profit (in ₹)?
28. 28.A small business selling glasses of chai had a revenue of ₹720 and a profit of ₹570. What were its costs (in ₹)?
29. 29.A small business sells 44 clay diyas at ₹45 each. Its costs are ₹350. What is its profit (in ₹)?
30. 30.A small business sells 55 glasses of chai at ₹10 each. Its costs are ₹170. What is its profit (in ₹)?
31. 31.A small business selling potted plants had a revenue of ₹2475 and a profit of ₹2305. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
33. 33.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) simplest to start (d) one owner runs it
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
35. 35.True or false: “simplest to start” is true of a company. (a) False (b) True
36. 36.A small business sells 32 handmade cards at ₹10 each. What is its revenue (in ₹)?
37. 37.A small business selling clay diyas had a revenue of ₹720 and a profit of ₹30. What were its costs (in ₹)?
38. 38.A small business selling cupcakes had a revenue of ₹840 and a profit of ₹90. What were its costs (in ₹)?
39. 39.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
40. 40.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body

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