Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 115 · 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 58 cups of lemonade at ₹50 each. Its costs are ₹1310. What is its profit (in ₹)?
2. 2.A small business sells 32 potted plants at ₹25 each. Its costs are ₹240. What is its profit (in ₹)?
3. 3.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
4. 4.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
5. 5.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
6. 6.A small business sells 10 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
7. 7.A small business sells 37 clay diyas at ₹20 each. Its costs are ₹90. What is its profit (in ₹)?
8. 8.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) one owner runs it
9. 9.A small business selling handmade cards had a revenue of ₹2160 and a profit of ₹1960. What were its costs (in ₹)?
10. 10.A small business sells 50 jute bags at ₹40 each. What is its revenue (in ₹)?
11. 11.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner keeps all profit
13. 13.A small business sells 42 cupcakes at ₹10 each. Its costs are ₹360. What is its profit (in ₹)?
14. 14.True or false: “owner owes the debts” is true of a company. (a) True (b) False
15. 15.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.A small business selling cups of lemonade had a revenue of ₹1060 and a profit of ₹620. What were its costs (in ₹)?
18. 18.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
19. 19.A small business sells 45 paper bookmarks at ₹25 each. Its costs are ₹70. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
21. 21.A small business sells 38 clay diyas at ₹45 each. What is its revenue (in ₹)?
22. 22.True or false: “simplest to start” is true of a company. (a) True (b) False
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
24. 24.A small business selling glasses of chai had a revenue of ₹215 and a profit of ₹45. What were its costs (in ₹)?
25. 25.A small business selling bags of popcorn had a revenue of ₹500 and a profit of ₹130. What were its costs (in ₹)?
26. 26.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
28. 28.A small business selling glasses of chai had a revenue of ₹1540 and a profit of ₹1360. What were its costs (in ₹)?
29. 29.A small business selling bags of popcorn had a revenue of ₹310 and a profit of ₹40. What were its costs (in ₹)?
30. 30.A small business sells 49 cupcakes at ₹50 each. Its costs are ₹2070. What is its profit (in ₹)?
31. 31.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
32. 32.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
33. 33.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
34. 34.A small business sells 39 friendship bands at ₹40 each. Its costs are ₹330. What is its profit (in ₹)?
35. 35.A small business selling friendship bands had a revenue of ₹1450 and a profit of ₹310. What were its costs (in ₹)?
36. 36.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
37. 37.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
38. 38.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) run by directors
39. 39.True or false: “run by directors” is true of a company. (a) True (b) False
40. 40.A small business selling clay diyas had a revenue of ₹350 and a profit of ₹280. What were its costs (in ₹)?

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