Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 963 · 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 cups of lemonade had a revenue of ₹315 and a profit of ₹255. What were its costs (in ₹)?
2. 2.A small business sells 30 friendship bands at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
3. 3.A small business sells 28 handmade cards at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
8. 8.A small business selling fruit cups had a revenue of ₹1295 and a profit of ₹515. What were its costs (in ₹)?
9. 9.A small business sells 43 bags of popcorn at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
10. 10.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
12. 12.A small business selling cupcakes had a revenue of ₹720 and a profit of ₹660. What were its costs (in ₹)?
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
16. 16.True or false: “one owner runs it” is true of a company. (a) True (b) False
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner owes the debts
18. 18.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
19. 19.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) one owner runs it (d) owner owes the debts
20. 20.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
21. 21.A small business sells 28 painted pebbles at ₹50 each. What is its revenue (in ₹)?
22. 22.A small business sells 38 potted plants at ₹20 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
25. 25.A small business sells 53 bags of popcorn at ₹20 each. Its costs are ₹240. What is its profit (in ₹)?
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
27. 27.A small business sells 41 glasses of chai at ₹10 each. What is its revenue (in ₹)?
28. 28.A small business selling bags of popcorn had a revenue of ₹560 and a profit of ₹500. What were its costs (in ₹)?
29. 29.A small business sells 42 handmade cards at ₹10 each. What is its revenue (in ₹)?
30. 30.True or false: “a separate legal body” is true of a company. (a) True (b) False
31. 31.A small business selling jute bags had a revenue of ₹1080 and a profit of ₹670. What were its costs (in ₹)?
32. 32.True or false: “simplest to start” is true of a company. (a) True (b) False
33. 33.A small business sells 24 glasses of chai at ₹45 each. What is its revenue (in ₹)?
34. 34.A small business sells 57 friendship bands at ₹5 each. Its costs are ₹190. What is its profit (in ₹)?
35. 35.A small business sells 57 glasses of chai at ₹10 each. What is its revenue (in ₹)?
36. 36.🎂 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
37. 37.A small business sells 27 cupcakes at ₹45 each. What is its revenue (in ₹)?
38. 38.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
39. 39.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
40. 40.A small business sells 40 fruit cups at ₹15 each. What is its revenue (in ₹)?

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