Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 254 · 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 selling cups of lemonade had a revenue of ₹720 and a profit of ₹30. What were its costs (in ₹)?
2. 2.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
3. 3.A small business sells 42 handmade cards at ₹30 each. Its costs are ₹1240. What is its profit (in ₹)?
4. 4.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
5. 5.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
6. 6.A small business selling cupcakes had a revenue of ₹2610 and a profit of ₹2320. What were its costs (in ₹)?
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owned by shareholders
8. 8.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) run by directors
9. 9.A small business sells 30 paper bookmarks at ₹50 each. Its costs are ₹100. What is its profit (in ₹)?
10. 10.True or false: “run by directors” is true of a company. (a) False (b) True
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
12. 12.A small business sells 21 painted pebbles at ₹25 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
14. 14.A small business selling glasses of chai had a revenue of ₹1200 and a profit of ₹310. What were its costs (in ₹)?
15. 15.A small business sells 60 friendship bands at ₹40 each. Its costs are ₹360. What is its profit (in ₹)?
16. 16.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
17. 17.A small business sells 52 glasses of chai at ₹50 each. What is its revenue (in ₹)?
18. 18.A small business selling handmade cards had a revenue of ₹230 and a profit of ₹130. What were its costs (in ₹)?
19. 19.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) one owner runs it
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
22. 22.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
23. 23.A small business sells 50 glasses of chai at ₹45 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
25. 25.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
26. 26.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) a separate legal body
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
28. 28.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
30. 30.A small business sells 32 painted pebbles at ₹5 each. What is its revenue (in ₹)?
31. 31.A small business sells 37 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
32. 32.A small business sells 46 clay diyas at ₹50 each. Its costs are ₹30. What is its profit (in ₹)?
33. 33.True or false: “one owner runs it” is true of a company. (a) True (b) False
34. 34.A small business sells 51 bags of popcorn at ₹5 each. Its costs are ₹180. What is its profit (in ₹)?
35. 35.True or false: “a separate legal body” is true of a company. (a) True (b) False
36. 36.True or false: “owner owes the debts” is true of a company. (a) True (b) False
37. 37.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner keeps all profit (d) one owner runs it
38. 38.A small business selling handmade cards had a revenue of ₹690 and a profit of ₹660. What were its costs (in ₹)?
39. 39.A small business selling paper bookmarks had a revenue of ₹2360 and a profit of ₹1150. What were its costs (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False

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