Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 307 · 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 40 painted pebbles at ₹20 each. What is its revenue (in ₹)?
2. 2.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
3. 3.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
4. 4.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
5. 5.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
7. 7.A small business sells 59 jute bags at ₹45 each. Its costs are ₹2350. What is its profit (in ₹)?
8. 8.A small business sells 51 friendship bands at ₹35 each. Its costs are ₹1030. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
10. 10.A small business sells 39 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
11. 11.A small business sells 23 handmade cards at ₹45 each. What is its revenue (in ₹)?
12. 12.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
13. 13.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
15. 15.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
16. 16.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
17. 17.A small business sells 33 glasses of chai at ₹20 each. What is its revenue (in ₹)?
18. 18.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
19. 19.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
20. 20.A small business sells 23 friendship bands at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
21. 21.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
22. 22.A small business sells 40 bags of popcorn at ₹40 each. Its costs are ₹260. What is its profit (in ₹)?
23. 23.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
24. 24.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
25. 25.A small business selling potted plants had a revenue of ₹1960 and a profit of ₹470. What were its costs (in ₹)?
26. 26.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) simplest to start (d) one owner runs it
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
28. 28.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) run by directors
29. 29.A small business sells 49 handmade cards at ₹30 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
32. 32.A small business sells 40 handmade cards at ₹5 each. Its costs are ₹190. What is its profit (in ₹)?
33. 33.A small business sells 48 fruit cups at ₹20 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
35. 35.A small business selling clay diyas had a revenue of ₹650 and a profit of ₹310. What were its costs (in ₹)?
36. 36.A small business sells 30 fruit cups at ₹30 each. Its costs are ₹730. What is its profit (in ₹)?
37. 37.A small business sells 55 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
38. 38.True or false: “owned by shareholders” is true of a company. (a) False (b) True
39. 39.A small business selling jute bags had a revenue of ₹2385 and a profit of ₹475. What were its costs (in ₹)?
40. 40.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True

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