Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 984 · 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.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
2. 2.A small business selling cups of lemonade had a revenue of ₹550 and a profit of ₹260. What were its costs (in ₹)?
3. 3.A small business sells 54 potted plants at ₹50 each. Its costs are ₹2530. What is its profit (in ₹)?
4. 4.A small business sells 44 jute bags at ₹5 each. Its costs are ₹180. What is its profit (in ₹)?
5. 5.A small business selling painted pebbles had a revenue of ₹1505 and a profit of ₹445. What were its costs (in ₹)?
6. 6.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
7. 7.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
8. 8.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
9. 9.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
10. 10.A small business sells 19 clay diyas at ₹25 each. What is its revenue (in ₹)?
11. 11.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
12. 12.A small business selling friendship bands had a revenue of ₹2300 and a profit of ₹850. What were its costs (in ₹)?
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
16. 16.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
17. 17.A small business sells 38 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner owes the debts (d) simplest to start
19. 19.A small business sells 33 cupcakes at ₹15 each. What is its revenue (in ₹)?
20. 20.A small business selling handmade cards had a revenue of ₹2200 and a profit of ₹460. What were its costs (in ₹)?
21. 21.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
22. 22.True or false: “simplest to start” is true of a company. (a) True (b) False
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
26. 26.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) a separate legal body (d) simplest to start
27. 27.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
28. 28.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
29. 29.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
30. 30.A small business selling friendship bands had a revenue of ₹585 and a profit of ₹385. What were its costs (in ₹)?
31. 31.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner keeps all profit (d) run by directors
32. 32.A small business sells 25 potted plants at ₹40 each. What is its revenue (in ₹)?
33. 33.A small business sells 14 jute bags at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
34. 34.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
35. 35.A small business sells 53 clay diyas at ₹25 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) run by directors
37. 37.A small business selling bags of popcorn had a revenue of ₹220 and a profit of ₹70. What were its costs (in ₹)?
38. 38.A small business sells 57 clay diyas at ₹45 each. Its costs are ₹670. What is its profit (in ₹)?
39. 39.A small business sells 16 painted pebbles at ₹30 each. What is its revenue (in ₹)?
40. 40.A small business sells 59 paper bookmarks at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?

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