Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 97 · 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 handmade cards had a revenue of ₹510 and a profit of ₹190. What were its costs (in ₹)?
2. 2.A small business sells 36 jute bags at ₹5 each. Its costs are ₹130. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
4. 4.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
5. 5.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
6. 6.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
7. 7.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
8. 8.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
10. 10.A small business sells 36 handmade cards at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
11. 11.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
12. 12.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
13. 13.True or false: “run by directors” is true of a company. (a) False (b) True
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) owners’ risk is limited
15. 15.A small business sells 17 cupcakes at ₹35 each. What is its revenue (in ₹)?
16. 16.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
17. 17.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
18. 18.A small business sells 60 fruit cups at ₹20 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
20. 20.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
21. 21.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
22. 22.A small business selling jute bags had a revenue of ₹615 and a profit of ₹475. What were its costs (in ₹)?
23. 23.A small business sells 28 painted pebbles at ₹20 each. What is its revenue (in ₹)?
24. 24.True or false: “owned by shareholders” is true of a company. (a) False (b) True
25. 25.A small business selling glasses of chai had a revenue of ₹780 and a profit of ₹430. What were its costs (in ₹)?
26. 26.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 39 painted pebbles at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
28. 28.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) simplest to start (d) owner owes the debts
29. 29.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
30. 30.A small business sells 53 handmade cards at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
31. 31.A small business selling clay diyas had a revenue of ₹780 and a profit of ₹630. What were its costs (in ₹)?
32. 32.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
33. 33.A small business selling paper bookmarks had a revenue of ₹720 and a profit of ₹680. What were its costs (in ₹)?
34. 34.A small business sells 33 jute bags at ₹30 each. Its costs are ₹900. What is its profit (in ₹)?
35. 35.A small business selling jute bags had a revenue of ₹900 and a profit of ₹260. What were its costs (in ₹)?
36. 36.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit
37. 37.True or false: “run by directors” is true of a sole trader. (a) True (b) False
38. 38.A small business selling handmade cards had a revenue of ₹650 and a profit of ₹540. What were its costs (in ₹)?
39. 39.A small business sells 23 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
40. 40.A small business sells 20 cups of lemonade at ₹40 each. Its costs are ₹400. What is its profit (in ₹)?

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