Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 946 · 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 ₹765 and a profit of ₹395. What were its costs (in ₹)?
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) run by directors
3. 3.A small business sells 30 glasses of chai at ₹10 each. What is its revenue (in ₹)?
4. 4.A small business sells 15 painted pebbles at ₹15 each. What is its revenue (in ₹)?
5. 5.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
6. 6.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) run by directors
7. 7.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
8. 8.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) simplest to start
9. 9.A small business sells 24 painted pebbles at ₹40 each. What is its revenue (in ₹)?
10. 10.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
11. 11.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
12. 12.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
13. 13.A small business sells 48 cupcakes at ₹15 each. Its costs are ₹370. What is its profit (in ₹)?
14. 14.A small business selling glasses of chai had a revenue of ₹570 and a profit of ₹80. What were its costs (in ₹)?
15. 15.A small business selling glasses of chai had a revenue of ₹240 and a profit of ₹70. What were its costs (in ₹)?
16. 16.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
17. 17.A small business selling fruit cups had a revenue of ₹280 and a profit of ₹120. What were its costs (in ₹)?
18. 18.True or false: “run by directors” is true of a sole trader. (a) True (b) False
19. 19.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
20. 20.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
21. 21.A small business selling clay diyas had a revenue of ₹1000 and a profit of ₹140. What were its costs (in ₹)?
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.A small business sells 24 friendship bands at ₹20 each. Its costs are ₹430. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
25. 25.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
26. 26.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 28 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
28. 28.True or false: “run by directors” is true of a company. (a) False (b) True
29. 29.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
30. 30.A small business selling friendship bands had a revenue of ₹760 and a profit of ₹150. What were its costs (in ₹)?
31. 31.A small business selling cups of lemonade had a revenue of ₹690 and a profit of ₹580. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
33. 33.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
34. 34.A small business selling cups of lemonade had a revenue of ₹840 and a profit of ₹10. What were its costs (in ₹)?
35. 35.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
36. 36.A small business selling glasses of chai had a revenue of ₹1645 and a profit of ₹1265. What were its costs (in ₹)?
37. 37.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) a separate legal body (d) owned by shareholders
38. 38.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
39. 39.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company

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