Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 961 · 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 jute bags had a revenue of ₹400 and a profit of ₹260. What were its costs (in ₹)?
2. 2.A small business sells 22 potted plants at ₹15 each. What is its revenue (in ₹)?
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
4. 4.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
5. 5.A small business sells 12 clay diyas at ₹5 each. What is its revenue (in ₹)?
6. 6.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
7. 7.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
8. 8.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
9. 9.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
10. 10.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
11. 11.A small business selling cups of lemonade had a revenue of ₹875 and a profit of ₹155. What were its costs (in ₹)?
12. 12.True or false: “a separate legal body” is true of a company. (a) True (b) False
13. 13.A small business selling cups of lemonade had a revenue of ₹540 and a profit of ₹20. What were its costs (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
16. 16.A small business sells 58 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) one owner runs it (d) run by directors
18. 18.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
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 49 bags of popcorn at ₹45 each. Its costs are ₹600. What is its profit (in ₹)?
23. 23.A small business sells 56 clay diyas at ₹40 each. Its costs are ₹760. What is its profit (in ₹)?
24. 24.A small business sells 48 clay diyas at ₹45 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
26. 26.A small business sells 33 handmade cards at ₹40 each. Its costs are ₹1070. What is its profit (in ₹)?
27. 27.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner owes the debts (d) owner keeps all profit
28. 28.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
29. 29.A small business sells 40 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
30. 30.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
31. 31.A small business sells 27 handmade cards at ₹40 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner owes the debts (d) one owner runs it
33. 33.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) one owner runs it (d) simplest to start
34. 34.A small business sells 37 fruit cups at ₹30 each. What is its revenue (in ₹)?
35. 35.A small business sells 17 friendship bands at ₹50 each. Its costs are ₹710. What is its profit (in ₹)?
36. 36.A small business selling fruit cups had a revenue of ₹740 and a profit of ₹290. What were its costs (in ₹)?
37. 37.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
38. 38.A small business sells 37 cupcakes at ₹40 each. What is its revenue (in ₹)?
39. 39.A small business sells 23 cupcakes at ₹20 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company

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