Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 214 · 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 49 cupcakes at ₹25 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
4. 4.A small business sells 43 clay diyas at ₹40 each. Its costs are ₹530. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
6. 6.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
9. 9.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
10. 10.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
11. 11.A small business selling bags of popcorn had a revenue of ₹600 and a profit of ₹520. What were its costs (in ₹)?
12. 12.A small business sells 24 bags of popcorn at ₹25 each. Its costs are ₹380. What is its profit (in ₹)?
13. 13.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) run by directors
14. 14.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
15. 15.A small business sells 57 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) simplest to start
17. 17.A small business sells 18 jute bags at ₹45 each. What is its revenue (in ₹)?
18. 18.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
19. 19.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
20. 20.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
21. 21.A small business sells 38 fruit cups at ₹30 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
25. 25.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
26. 26.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
27. 27.A small business sells 13 clay diyas at ₹25 each. Its costs are ₹100. What is its profit (in ₹)?
28. 28.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
29. 29.A small business sells 16 potted plants at ₹50 each. Its costs are ₹480. What is its profit (in ₹)?
30. 30.True or false: “a separate legal body” is true of a company. (a) False (b) True
31. 31.A small business selling bags of popcorn had a revenue of ₹1575 and a profit of ₹485. What were its costs (in ₹)?
32. 32.A small business sells 49 jute bags at ₹30 each. What is its revenue (in ₹)?
33. 33.True or false: “run by directors” is true of a sole trader. (a) False (b) True
34. 34.A small business selling handmade cards had a revenue of ₹720 and a profit of ₹180. What were its costs (in ₹)?
35. 35.A small business selling painted pebbles had a revenue of ₹350 and a profit of ₹330. What were its costs (in ₹)?
36. 36.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
37. 37.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
38. 38.A small business sells 21 cupcakes at ₹45 each. Its costs are ₹920. What is its profit (in ₹)?
39. 39.A small business sells 18 painted pebbles at ₹40 each. What is its revenue (in ₹)?
40. 40.A small business sells 58 paper bookmarks at ₹15 each. Its costs are ₹690. What is its profit (in ₹)?

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