Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 320 · 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.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
2. 2.A small business sells 43 handmade cards at ₹20 each. Its costs are ₹230. What is its profit (in ₹)?
3. 3.A small business selling fruit cups had a revenue of ₹1800 and a profit of ₹1090. What were its costs (in ₹)?
4. 4.A small business selling handmade cards had a revenue of ₹340 and a profit of ₹130. What were its costs (in ₹)?
5. 5.A small business sells 20 fruit cups at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
6. 6.A small business sells 60 clay diyas at ₹40 each. Its costs are ₹760. What is its profit (in ₹)?
7. 7.A small business selling handmade cards had a revenue of ₹420 and a profit of ₹360. What were its costs (in ₹)?
8. 8.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
9. 9.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
10. 10.A small business sells 16 painted pebbles at ₹15 each. Its costs are ₹80. What is its profit (in ₹)?
11. 11.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
12. 12.A small business selling clay diyas had a revenue of ₹2500 and a profit of ₹1660. What were its costs (in ₹)?
13. 13.A small business sells 59 fruit cups at ₹25 each. Its costs are ₹500. What is its profit (in ₹)?
14. 14.A small business sells 27 handmade cards at ₹20 each. What is its revenue (in ₹)?
15. 15.True or false: “owner owes the debts” is true of a company. (a) False (b) True
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.A small business sells 39 cupcakes at ₹25 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
20. 20.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
21. 21.A small business selling handmade cards had a revenue of ₹2550 and a profit of ₹2000. What were its costs (in ₹)?
22. 22.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
23. 23.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
24. 24.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
25. 25.A small business selling handmade cards had a revenue of ₹480 and a profit of ₹460. What were its costs (in ₹)?
26. 26.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
27. 27.A small business sells 39 painted pebbles at ₹35 each. Its costs are ₹1270. What is its profit (in ₹)?
28. 28.A small business selling friendship bands had a revenue of ₹735 and a profit of ₹75. What were its costs (in ₹)?
29. 29.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
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 company (b) a sole trader
32. 32.A small business sells 13 fruit cups at ₹40 each. Its costs are ₹230. What is its profit (in ₹)?
33. 33.A small business sells 31 clay diyas at ₹40 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
35. 35.A small business selling paper bookmarks had a revenue of ₹140 and a profit of ₹50. What were its costs (in ₹)?
36. 36.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
37. 37.A small business sells 28 bags of popcorn at ₹45 each. Its costs are ₹980. What is its profit (in ₹)?
38. 38.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
39. 39.A small business sells 23 cupcakes at ₹15 each. What is its revenue (in ₹)?
40. 40.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) owner keeps all profit

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