Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 101 · 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.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
2. 2.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
3. 3.True or false: “owner owes the debts” is true of a company. (a) False (b) True
4. 4.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) simplest to start
5. 5.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
6. 6.A small business sells 57 painted pebbles at ₹10 each. Its costs are ₹350. What is its profit (in ₹)?
7. 7.A small business sells 10 clay diyas at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
8. 8.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
9. 9.A small business selling bags of popcorn had a revenue of ₹540 and a profit of ₹240. What were its costs (in ₹)?
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
11. 11.A small business sells 21 clay diyas at ₹45 each. Its costs are ₹800. What is its profit (in ₹)?
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) simplest to start (d) run by directors
13. 13.A small business sells 13 clay diyas at ₹20 each. What is its revenue (in ₹)?
14. 14.A small business selling cups of lemonade had a revenue of ₹680 and a profit of ₹330. What were its costs (in ₹)?
15. 15.A small business selling bags of popcorn had a revenue of ₹440 and a profit of ₹220. What were its costs (in ₹)?
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
17. 17.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
18. 18.True or false: “run by directors” is true of a sole trader. (a) True (b) False
19. 19.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
20. 20.📜 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
21. 21.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
22. 22.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner keeps all profit (d) owner owes the debts
23. 23.A small business sells 50 handmade cards at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
24. 24.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owned by shareholders (d) a separate legal body
25. 25.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) simplest to start
26. 26.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 33 cupcakes at ₹45 each. What is its revenue (in ₹)?
28. 28.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
29. 29.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
30. 30.A small business selling clay diyas had a revenue of ₹180 and a profit of ₹150. What were its costs (in ₹)?
31. 31.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
32. 32.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
33. 33.A small business selling cupcakes had a revenue of ₹240 and a profit of ₹180. What were its costs (in ₹)?
34. 34.A small business sells 17 jute bags at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
35. 35.A small business sells 37 glasses of chai at ₹40 each. Its costs are ₹1470. What is its profit (in ₹)?
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
37. 37.A small business sells 34 handmade cards at ₹15 each. What is its revenue (in ₹)?
38. 38.A small business sells 48 jute bags at ₹20 each. What is its revenue (in ₹)?
39. 39.A small business sells 58 cupcakes at ₹50 each. Its costs are ₹720. What is its profit (in ₹)?
40. 40.A small business sells 31 jute bags at ₹15 each. What is its revenue (in ₹)?

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