Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 96 · 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 17 friendship bands at ₹35 each. Its costs are ₹170. What is its profit (in ₹)?
2. 2.True or false: “run by directors” is true of a company. (a) False (b) True
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.A small business sells 35 cupcakes at ₹40 each. Its costs are ₹800. What is its profit (in ₹)?
5. 5.A small business sells 20 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
6. 6.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
7. 7.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
8. 8.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
9. 9.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
10. 10.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
11. 11.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
12. 12.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
13. 13.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
14. 14.A small business sells 36 friendship bands at ₹35 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
16. 16.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) owner keeps all profit
17. 17.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
18. 18.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) one owner runs it (d) owner owes the debts
19. 19.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) one owner runs it
20. 20.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
22. 22.True or false: “owned by shareholders” is true of a company. (a) True (b) False
23. 23.A small business sells 22 bags of popcorn at ₹10 each. Its costs are ₹210. What is its profit (in ₹)?
24. 24.True or false: “run by directors” is true of a sole trader. (a) True (b) False
25. 25.A small business sells 32 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
26. 26.A small business sells 18 handmade cards at ₹20 each. Its costs are ₹150. What is its profit (in ₹)?
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
29. 29.A small business selling handmade cards had a revenue of ₹410 and a profit of ₹50. What were its costs (in ₹)?
30. 30.A small business selling bags of popcorn had a revenue of ₹250 and a profit of ₹10. What were its costs (in ₹)?
31. 31.A small business sells 60 cupcakes at ₹35 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
33. 33.A small business sells 60 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
35. 35.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
36. 36.A small business sells 44 cups of lemonade at ₹30 each. Its costs are ₹70. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
38. 38.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
39. 39.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 24 cups of lemonade at ₹40 each. What is its revenue (in ₹)?

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