Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 346 · 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.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
2. 2.A small business sells 60 clay diyas at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
5. 5.A small business selling jute bags had a revenue of ₹1175 and a profit of ₹835. What were its costs (in ₹)?
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) simplest to start (d) owner owes the debts
7. 7.📜 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
8. 8.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owned by shareholders (d) run by directors
9. 9.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) run by directors (d) owners’ risk is limited
10. 10.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
11. 11.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
13. 13.A small business selling glasses of chai had a revenue of ₹1400 and a profit of ₹90. What were its costs (in ₹)?
14. 14.A small business sells 48 paper bookmarks at ₹30 each. Its costs are ₹650. What is its profit (in ₹)?
15. 15.A small business selling cups of lemonade had a revenue of ₹325 and a profit of ₹55. What were its costs (in ₹)?
16. 16.A small business sells 13 friendship bands at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
17. 17.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
18. 18.A small business selling jute bags had a revenue of ₹2550 and a profit of ₹2140. What were its costs (in ₹)?
19. 19.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
20. 20.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
21. 21.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
22. 22.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) owned by shareholders
23. 23.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
24. 24.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
25. 25.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner keeps all profit (d) owner owes the debts
26. 26.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
27. 27.A small business selling jute bags had a revenue of ₹1450 and a profit of ₹1060. What were its costs (in ₹)?
28. 28.True or false: “owned by shareholders” is true of a company. (a) False (b) True
29. 29.A small business sells 15 cupcakes at ₹5 each. What is its revenue (in ₹)?
30. 30.A small business sells 11 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
31. 31.A small business selling cups of lemonade had a revenue of ₹360 and a profit of ₹130. What were its costs (in ₹)?
32. 32.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) a separate legal body
33. 33.A small business sells 28 painted pebbles at ₹45 each. Its costs are ₹230. What is its profit (in ₹)?
34. 34.A small business selling glasses of chai had a revenue of ₹1260 and a profit of ₹1220. What were its costs (in ₹)?
35. 35.A small business sells 24 bags of popcorn at ₹40 each. Its costs are ₹660. What is its profit (in ₹)?
36. 36.A small business sells 51 handmade cards at ₹15 each. Its costs are ₹150. What is its profit (in ₹)?
37. 37.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
38. 38.A small business sells 54 painted pebbles at ₹50 each. Its costs are ₹170. What is its profit (in ₹)?
39. 39.A small business sells 39 clay diyas at ₹20 each. Its costs are ₹160. What is its profit (in ₹)?
40. 40.A small business selling glasses of chai had a revenue of ₹880 and a profit of ₹410. What were its costs (in ₹)?

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