Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 147 · 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.True or false: “one owner runs it” is true of a company. (a) True (b) False
2. 2.A small business sells 55 painted pebbles at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
3. 3.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
4. 4.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
5. 5.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
6. 6.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
7. 7.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
8. 8.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
9. 9.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
10. 10.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
11. 11.A small business sells 39 handmade cards at ₹30 each. Its costs are ₹150. What is its profit (in ₹)?
12. 12.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) simplest to start
13. 13.A small business sells 31 handmade cards at ₹30 each. Its costs are ₹260. What is its profit (in ₹)?
14. 14.A small business sells 44 clay diyas at ₹15 each. Its costs are ₹640. What is its profit (in ₹)?
15. 15.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) run by directors
16. 16.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
17. 17.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
18. 18.A small business sells 15 cupcakes at ₹5 each. What is its revenue (in ₹)?
19. 19.A small business sells 25 jute bags at ₹25 each. Its costs are ₹10. What is its profit (in ₹)?
20. 20.True or false: “run by directors” is true of a company. (a) False (b) True
21. 21.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
22. 22.True or false: “owner owes the debts” is true of a company. (a) True (b) False
23. 23.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
24. 24.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
25. 25.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) run by directors
26. 26.A small business sells 41 potted plants at ₹15 each. What is its revenue (in ₹)?
27. 27.True or false: “a separate legal body” is true of a company. (a) False (b) True
28. 28.A small business selling cups of lemonade had a revenue of ₹1100 and a profit of ₹930. What were its costs (in ₹)?
29. 29.A small business selling painted pebbles had a revenue of ₹2065 and a profit of ₹1665. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
31. 31.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
32. 32.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
33. 33.A small business selling painted pebbles had a revenue of ₹1440 and a profit of ₹90. What were its costs (in ₹)?
34. 34.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
35. 35.A small business sells 21 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
36. 36.A small business sells 18 cups of lemonade at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
37. 37.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
38. 38.A small business selling cups of lemonade had a revenue of ₹700 and a profit of ₹490. What were its costs (in ₹)?
39. 39.A small business selling fruit cups had a revenue of ₹910 and a profit of ₹790. What were its costs (in ₹)?
40. 40.A small business sells 21 handmade cards at ₹10 each. What is its revenue (in ₹)?

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