Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 333 · 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 jute bags had a revenue of ₹2520 and a profit of ₹560. What were its costs (in ₹)?
2. 2.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
3. 3.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
4. 4.A small business sells 43 paper bookmarks at ₹20 each. Its costs are ₹150. What is its profit (in ₹)?
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owned by shareholders
6. 6.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
7. 7.A small business sells 55 glasses of chai at ₹15 each. What is its revenue (in ₹)?
8. 8.True or false: “run by directors” is true of a company. (a) True (b) False
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.📜 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
11. 11.A small business sells 22 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
12. 12.A small business sells 30 handmade cards at ₹15 each. Its costs are ₹280. What is its profit (in ₹)?
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) run by directors (d) owned by shareholders
14. 14.A small business selling potted plants had a revenue of ₹1290 and a profit of ₹220. What were its costs (in ₹)?
15. 15.A small business selling painted pebbles had a revenue of ₹550 and a profit of ₹140. What were its costs (in ₹)?
16. 16.A small business sells 50 painted pebbles at ₹50 each. What is its revenue (in ₹)?
17. 17.A small business sells 49 cupcakes at ₹45 each. What is its revenue (in ₹)?
18. 18.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
19. 19.A small business selling paper bookmarks had a revenue of ₹625 and a profit of ₹335. What were its costs (in ₹)?
20. 20.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
21. 21.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) one owner runs it
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.A small business sells 45 glasses of chai at ₹20 each. What is its revenue (in ₹)?
24. 24.A small business sells 20 jute bags at ₹10 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner keeps all profit
27. 27.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
29. 29.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
30. 30.A small business sells 59 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business sells 45 jute bags at ₹35 each. What is its revenue (in ₹)?
32. 32.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
33. 33.True or false: “a separate legal body” is true of a company. (a) False (b) True
34. 34.A small business selling cups of lemonade had a revenue of ₹110 and a profit of ₹40. What were its costs (in ₹)?
35. 35.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
36. 36.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
37. 37.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
38. 38.A small business selling bags of popcorn had a revenue of ₹2030 and a profit of ₹1430. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
40. 40.A small business sells 48 paper bookmarks at ₹50 each. What is its revenue (in ₹)?

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