Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 299 · 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.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
2. 2.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
3. 3.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
4. 4.A small business sells 26 clay diyas at ₹35 each. Its costs are ₹210. What is its profit (in ₹)?
5. 5.True or false: “run by directors” is true of a company. (a) False (b) True
6. 6.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
7. 7.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
8. 8.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
9. 9.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
10. 10.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit
11. 11.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) a separate legal body
12. 12.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
13. 13.A small business sells 24 jute bags at ₹35 each. Its costs are ₹30. What is its profit (in ₹)?
14. 14.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
15. 15.A small business sells 22 cups of lemonade at ₹50 each. Its costs are ₹580. What is its profit (in ₹)?
16. 16.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owned by shareholders
17. 17.A small business selling jute bags had a revenue of ₹920 and a profit of ₹80. What were its costs (in ₹)?
18. 18.A small business sells 24 cupcakes at ₹50 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner keeps all profit
20. 20.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) simplest to start
21. 21.A small business sells 19 clay diyas at ₹25 each. What is its revenue (in ₹)?
22. 22.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
23. 23.A small business sells 26 glasses of chai at ₹25 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
25. 25.A small business sells 47 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
26. 26.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
27. 27.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
28. 28.A small business sells 47 friendship bands at ₹15 each. What is its revenue (in ₹)?
29. 29.A small business sells 50 clay diyas at ₹5 each. Its costs are ₹180. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
31. 31.A small business sells 26 handmade cards at ₹50 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
33. 33.A small business selling cupcakes had a revenue of ₹75 and a profit of ₹55. What were its costs (in ₹)?
34. 34.A small business sells 60 glasses of chai at ₹20 each. Its costs are ₹80. What is its profit (in ₹)?
35. 35.A small business sells 20 handmade cards at ₹15 each. What is its revenue (in ₹)?
36. 36.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
38. 38.True or false: “owner owes the debts” is true of a company. (a) True (b) False
39. 39.A small business sells 19 painted pebbles at ₹35 each. Its costs are ₹50. What is its profit (in ₹)?
40. 40.A small business selling bags of popcorn had a revenue of ₹1650 and a profit of ₹170. What were its costs (in ₹)?

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