Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 22 · 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.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owner keeps all profit (d) a separate legal body
2. 2.True or false: “owned by shareholders” is true of a company. (a) True (b) False
3. 3.A small business sells 17 friendship bands at ₹30 each. What is its revenue (in ₹)?
4. 4.A small business sells 29 cupcakes at ₹30 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.A small business selling jute bags had a revenue of ₹2115 and a profit of ₹845. What were its costs (in ₹)?
7. 7.A small business selling friendship bands had a revenue of ₹795 and a profit of ₹535. What were its costs (in ₹)?
8. 8.A small business sells 57 potted plants at ₹45 each. Its costs are ₹1660. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
10. 10.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
11. 11.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owned by shareholders
12. 12.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
14. 14.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
15. 15.A small business sells 49 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
16. 16.A small business selling cups of lemonade had a revenue of ₹780 and a profit of ₹590. What were its costs (in ₹)?
17. 17.A small business sells 23 cups of lemonade at ₹45 each. Its costs are ₹770. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
19. 19.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
20. 20.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) simplest to start
21. 21.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
22. 22.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.A small business selling clay diyas had a revenue of ₹500 and a profit of ₹220. What were its costs (in ₹)?
26. 26.A small business selling clay diyas had a revenue of ₹180 and a profit of ₹60. What were its costs (in ₹)?
27. 27.True or false: “owner owes the debts” is true of a company. (a) True (b) False
28. 28.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
29. 29.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
31. 31.A small business sells 43 friendship bands at ₹20 each. Its costs are ₹310. What is its profit (in ₹)?
32. 32.A small business sells 43 fruit cups at ₹5 each. What is its revenue (in ₹)?
33. 33.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
34. 34.A small business selling painted pebbles had a revenue of ₹200 and a profit of ₹120. What were its costs (in ₹)?
35. 35.A small business sells 15 jute bags at ₹25 each. What is its revenue (in ₹)?
36. 36.A small business sells 42 jute bags at ₹50 each. What is its revenue (in ₹)?
37. 37.A small business sells 59 handmade cards at ₹50 each. What is its revenue (in ₹)?
38. 38.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
39. 39.A small business sells 30 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
40. 40.📊 Revenue or profit: all money from sales? (a) profit (b) revenue

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