Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 11 · 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 sells 28 glasses of chai at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.A small business selling cups of lemonade had a revenue of ₹1710 and a profit of ₹1260. What were its costs (in ₹)?
5. 5.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
7. 7.A small business sells 51 clay diyas at ₹10 each. Its costs are ₹470. What is its profit (in ₹)?
8. 8.True or false: “owner owes the debts” is true of a company. (a) True (b) False
9. 9.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
10. 10.A small business sells 12 handmade cards at ₹50 each. Its costs are ₹90. What is its profit (in ₹)?
11. 11.A small business sells 55 painted pebbles at ₹40 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
14. 14.A small business sells 58 painted pebbles at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
15. 15.A small business selling fruit cups had a revenue of ₹2150 and a profit of ₹2010. What were its costs (in ₹)?
16. 16.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
17. 17.A small business sells 14 clay diyas at ₹40 each. Its costs are ₹370. What is its profit (in ₹)?
18. 18.A small business sells 50 jute bags at ₹10 each. What is its revenue (in ₹)?
19. 19.A small business sells 15 handmade cards at ₹5 each. What is its revenue (in ₹)?
20. 20.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
21. 21.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) run by directors (d) a separate legal body
22. 22.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
23. 23.A small business selling cupcakes had a revenue of ₹1170 and a profit of ₹960. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.True or false: “a separate legal body” is true of a company. (a) False (b) True
26. 26.A small business sells 42 clay diyas at ₹25 each. Its costs are ₹610. What is its profit (in ₹)?
27. 27.A small business sells 29 handmade cards at ₹30 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) one owner runs it (d) simplest to start
29. 29.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
30. 30.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
31. 31.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
33. 33.A small business sells 60 glasses of chai at ₹40 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
35. 35.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
36. 36.A small business sells 38 potted plants at ₹20 each. What is its revenue (in ₹)?
37. 37.A small business sells 38 cupcakes at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
38. 38.A small business sells 19 jute bags at ₹30 each. Its costs are ₹320. What is its profit (in ₹)?
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 17 friendship bands at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?

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