Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 941 · 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.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
3. 3.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
4. 4.A small business sells 36 handmade cards at ₹25 each. Its costs are ₹110. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
6. 6.A small business sells 22 clay diyas at ₹35 each. What is its revenue (in ₹)?
7. 7.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
8. 8.A small business selling jute bags had a revenue of ₹110 and a profit of ₹100. What were its costs (in ₹)?
9. 9.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
10. 10.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
11. 11.A small business sells 36 cupcakes at ₹30 each. Its costs are ₹630. What is its profit (in ₹)?
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
13. 13.A small business sells 31 glasses of chai at ₹30 each. Its costs are ₹160. What is its profit (in ₹)?
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.A small business sells 39 paper bookmarks at ₹25 each. Its costs are ₹420. What is its profit (in ₹)?
16. 16.True or false: “simplest to start” is true of a company. (a) False (b) True
17. 17.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
18. 18.True or false: “run by directors” is true of a sole trader. (a) True (b) False
19. 19.A small business selling friendship bands had a revenue of ₹450 and a profit of ₹70. What were its costs (in ₹)?
20. 20.A small business sells 46 fruit cups at ₹25 each. What is its revenue (in ₹)?
21. 21.A small business sells 20 cups of lemonade at ₹50 each. Its costs are ₹110. What is its profit (in ₹)?
22. 22.A small business sells 14 cupcakes at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
24. 24.A small business sells 18 clay diyas at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
25. 25.True or false: “owned by shareholders” is true of a company. (a) True (b) False
26. 26.A small business sells 28 potted plants at ₹15 each. What is its revenue (in ₹)?
27. 27.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) owned by shareholders (d) run by directors
28. 28.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
29. 29.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner keeps all profit
30. 30.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
31. 31.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) a separate legal body
32. 32.A small business selling potted plants had a revenue of ₹225 and a profit of ₹215. What were its costs (in ₹)?
33. 33.A small business selling painted pebbles had a revenue of ₹800 and a profit of ₹190. What were its costs (in ₹)?
34. 34.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
35. 35.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
36. 36.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
37. 37.A small business sells 43 jute bags at ₹40 each. Its costs are ₹760. What is its profit (in ₹)?
38. 38.A small business sells 44 jute bags at ₹15 each. What is its revenue (in ₹)?
39. 39.A small business selling cupcakes had a revenue of ₹230 and a profit of ₹90. What were its costs (in ₹)?
40. 40.A small business sells 39 potted plants at ₹15 each. What is its revenue (in ₹)?

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