Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 1 · 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 ₹525 and a profit of ₹115. What were its costs (in ₹)?
2. 2.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
4. 4.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
5. 5.A small business sells 44 potted plants at ₹50 each. Its costs are ₹1980. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.A small business sells 43 cupcakes at ₹15 each. What is its revenue (in ₹)?
8. 8.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
9. 9.A small business sells 21 cups of lemonade at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
10. 10.A small business sells 46 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
11. 11.A small business sells 55 painted pebbles at ₹40 each. Its costs are ₹840. What is its profit (in ₹)?
12. 12.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
13. 13.A small business sells 57 bags of popcorn at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.A small business sells 44 glasses of chai at ₹30 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) run by directors (d) owners’ risk is limited
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) one owner runs it
18. 18.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
19. 19.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
20. 20.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) one owner runs it (d) simplest to start
21. 21.A small business sells 15 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
22. 22.True or false: “owned by shareholders” is true of a company. (a) False (b) True
23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
24. 24.A small business sells 26 jute bags at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
25. 25.A small business selling cups of lemonade had a revenue of ₹980 and a profit of ₹610. What were its costs (in ₹)?
26. 26.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
27. 27.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
29. 29.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
30. 30.A small business selling clay diyas had a revenue of ₹1530 and a profit of ₹240. What were its costs (in ₹)?
31. 31.A small business selling friendship bands had a revenue of ₹55 and a profit of ₹15. What were its costs (in ₹)?
32. 32.True or false: “run by directors” is true of a company. (a) False (b) True
33. 33.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
34. 34.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner owes the debts (d) simplest to start
35. 35.A small business sells 24 friendship bands at ₹30 each. What is its revenue (in ₹)?
36. 36.A small business sells 12 friendship bands at ₹15 each. What is its revenue (in ₹)?
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
38. 38.A small business selling painted pebbles had a revenue of ₹550 and a profit of ₹80. What were its costs (in ₹)?
39. 39.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
40. 40.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company

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