Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 278 · 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 32 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
2. 2.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
3. 3.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
4. 4.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
5. 5.A small business sells 40 jute bags at ₹5 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) owned by shareholders
7. 7.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
8. 8.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
9. 9.A small business sells 27 jute bags at ₹5 each. What is its revenue (in ₹)?
10. 10.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
11. 11.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
12. 12.A small business selling painted pebbles had a revenue of ₹520 and a profit of ₹440. What were its costs (in ₹)?
13. 13.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
14. 14.A small business sells 49 bags of popcorn at ₹35 each. Its costs are ₹370. What is its profit (in ₹)?
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
16. 16.A small business selling handmade cards had a revenue of ₹1320 and a profit of ₹1200. What were its costs (in ₹)?
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) a separate legal body (d) run by directors
18. 18.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
20. 20.True or false: “owner owes the debts” is true of a company. (a) False (b) True
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
22. 22.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
23. 23.A small business sells 13 paper bookmarks at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
24. 24.A small business selling potted plants had a revenue of ₹430 and a profit of ₹370. What were its costs (in ₹)?
25. 25.Which of these is true of a company? (a) run by directors (b) simplest to start (c) one owner runs it (d) owner owes the debts
26. 26.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
27. 27.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
28. 28.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
29. 29.A small business sells 16 paper bookmarks at ₹40 each. Its costs are ₹280. What is its profit (in ₹)?
30. 30.A small business sells 10 cupcakes at ₹35 each. What is its revenue (in ₹)?
31. 31.A small business sells 24 clay diyas at ₹40 each. What is its revenue (in ₹)?
32. 32.A small business sells 46 cups of lemonade at ₹5 each. Its costs are ₹190. What is its profit (in ₹)?
33. 33.A small business sells 15 friendship bands at ₹50 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
35. 35.A small business sells 58 cups of lemonade at ₹15 each. Its costs are ₹840. What is its profit (in ₹)?
36. 36.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
38. 38.A small business sells 43 clay diyas at ₹20 each. Its costs are ₹300. What is its profit (in ₹)?
39. 39.A small business selling paper bookmarks had a revenue of ₹1050 and a profit of ₹590. What were its costs (in ₹)?
40. 40.A small business sells 37 cups of lemonade at ₹15 each. What is its revenue (in ₹)?

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