Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 102 · 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.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
2. 2.True or false: “a separate legal body” is true of a company. (a) False (b) True
3. 3.A small business sells 17 jute bags at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
5. 5.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
6. 6.A small business sells 21 painted pebbles at ₹35 each. Its costs are ₹70. What is its profit (in ₹)?
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.A small business selling friendship bands had a revenue of ₹440 and a profit of ₹320. What were its costs (in ₹)?
9. 9.A small business sells 10 cups of lemonade at ₹30 each. Its costs are ₹270. What is its profit (in ₹)?
10. 10.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
11. 11.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner keeps all profit
12. 12.A small business sells 15 bags of popcorn at ₹45 each. Its costs are ₹340. What is its profit (in ₹)?
13. 13.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
14. 14.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) one owner runs it
15. 15.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
17. 17.A small business selling handmade cards had a revenue of ₹540 and a profit of ₹300. What were its costs (in ₹)?
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
20. 20.A small business sells 47 cups of lemonade at ₹30 each. Its costs are ₹490. What is its profit (in ₹)?
21. 21.True or false: “simplest to start” is true of a company. (a) True (b) False
22. 22.A small business sells 44 fruit cups at ₹45 each. Its costs are ₹400. What is its profit (in ₹)?
23. 23.A small business sells 36 glasses of chai at ₹25 each. Its costs are ₹770. What is its profit (in ₹)?
24. 24.True or false: “owner owes the debts” is true of a company. (a) True (b) False
25. 25.A small business selling clay diyas had a revenue of ₹1360 and a profit of ₹990. What were its costs (in ₹)?
26. 26.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
27. 27.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
28. 28.A small business sells 45 glasses of chai at ₹15 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) owned by shareholders
30. 30.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
31. 31.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owned by shareholders
32. 32.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
33. 33.A small business sells 40 painted pebbles at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
34. 34.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
35. 35.A small business selling cups of lemonade had a revenue of ₹2115 and a profit of ₹2005. What were its costs (in ₹)?
36. 36.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
37. 37.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
38. 38.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
39. 39.A small business selling glasses of chai had a revenue of ₹1050 and a profit of ₹270. What were its costs (in ₹)?
40. 40.A small business selling paper bookmarks had a revenue of ₹2280 and a profit of ₹860. What were its costs (in ₹)?

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