Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 257 · 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 painted pebbles had a revenue of ₹390 and a profit of ₹160. What were its costs (in ₹)?
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
3. 3.A small business sells 22 paper bookmarks at ₹45 each. Its costs are ₹730. What is its profit (in ₹)?
4. 4.True or false: “one owner runs it” is true of a company. (a) False (b) True
5. 5.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) a separate legal body
6. 6.True or false: “a separate legal body” is true of a company. (a) True (b) False
7. 7.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
8. 8.A small business selling handmade cards had a revenue of ₹360 and a profit of ₹280. What were its costs (in ₹)?
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
11. 11.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
12. 12.A small business sells 21 cups of lemonade at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
13. 13.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
14. 14.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
15. 15.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
16. 16.True or false: “run by directors” is true of a company. (a) True (b) False
17. 17.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
18. 18.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
19. 19.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
20. 20.True or false: “run by directors” is true of a sole trader. (a) True (b) False
21. 21.A small business sells 23 handmade cards at ₹30 each. Its costs are ₹260. What is its profit (in ₹)?
22. 22.A small business sells 24 cupcakes at ₹20 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
24. 24.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
25. 25.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
26. 26.A small business sells 32 cupcakes at ₹20 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
28. 28.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
29. 29.A small business sells 31 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
30. 30.True or false: “owner owes the debts” is true of a company. (a) True (b) False
31. 31.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
32. 32.A small business sells 56 paper bookmarks at ₹50 each. Its costs are ₹2170. What is its profit (in ₹)?
33. 33.A small business sells 45 jute bags at ₹15 each. What is its revenue (in ₹)?
34. 34.A small business sells 45 friendship bands at ₹35 each. Its costs are ₹1480. What is its profit (in ₹)?
35. 35.A small business sells 28 glasses of chai at ₹45 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
37. 37.A small business sells 52 painted pebbles at ₹40 each. What is its revenue (in ₹)?
38. 38.A small business sells 51 jute bags at ₹10 each. Its costs are ₹330. What is its profit (in ₹)?
39. 39.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) owners’ risk is limited
40. 40.A small business selling painted pebbles had a revenue of ₹125 and a profit of ₹105. What were its costs (in ₹)?

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