Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 954 · 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 57 jute bags at ₹45 each. What is its revenue (in ₹)?
2. 2.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
3. 3.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) a separate legal body
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
6. 6.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
7. 7.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
8. 8.A small business sells 41 cupcakes at ₹30 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) simplest to start (d) owner owes the debts
10. 10.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
11. 11.A small business sells 24 potted plants at ₹50 each. Its costs are ₹780. What is its profit (in ₹)?
12. 12.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
13. 13.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
14. 14.A small business sells 58 potted plants at ₹50 each. What is its revenue (in ₹)?
15. 15.A small business sells 40 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
16. 16.True or false: “owner owes the debts” is true of a company. (a) False (b) True
17. 17.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
18. 18.A small business sells 57 glasses of chai at ₹5 each. What is its revenue (in ₹)?
19. 19.A small business sells 22 potted plants at ₹10 each. Its costs are ₹180. What is its profit (in ₹)?
20. 20.A small business sells 11 bags of popcorn at ₹20 each. Its costs are ₹100. What is its profit (in ₹)?
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
22. 22.True or false: “one owner runs it” is true of a company. (a) False (b) True
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
24. 24.True or false: “run by directors” is true of a sole trader. (a) True (b) False
25. 25.A small business sells 56 fruit cups at ₹15 each. Its costs are ₹600. What is its profit (in ₹)?
26. 26.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit
27. 27.A small business selling clay diyas had a revenue of ₹2700 and a profit of ₹2060. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
29. 29.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
30. 30.A small business sells 45 bags of popcorn at ₹30 each. Its costs are ₹50. What is its profit (in ₹)?
31. 31.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
32. 32.A small business selling glasses of chai had a revenue of ₹1080 and a profit of ₹480. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
34. 34.A small business sells 11 jute bags at ₹35 each. What is its revenue (in ₹)?
35. 35.A small business selling cups of lemonade had a revenue of ₹720 and a profit of ₹490. What were its costs (in ₹)?
36. 36.A small business selling fruit cups had a revenue of ₹325 and a profit of ₹295. What were its costs (in ₹)?
37. 37.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
38. 38.A small business sells 32 glasses of chai at ₹35 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
40. 40.A small business sells 33 clay diyas at ₹50 each. Its costs are ₹230. What is its profit (in ₹)?

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