Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 380 · 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 33 cupcakes at ₹40 each. Its costs are ₹820. What is its profit (in ₹)?
2. 2.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
3. 3.A small business sells 36 clay diyas at ₹30 each. What is its revenue (in ₹)?
4. 4.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
5. 5.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
6. 6.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
7. 7.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts
8. 8.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.True or false: “owner owes the debts” is true of a company. (a) True (b) False
11. 11.A small business sells 38 fruit cups at ₹45 each. Its costs are ₹1440. What is its profit (in ₹)?
12. 12.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
13. 13.A small business sells 48 jute bags at ₹5 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
16. 16.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owners’ risk is limited
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) run by directors
18. 18.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
19. 19.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
20. 20.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
21. 21.A small business selling paper bookmarks had a revenue of ₹2320 and a profit of ₹880. What were its costs (in ₹)?
22. 22.A small business selling bags of popcorn had a revenue of ₹520 and a profit of ₹420. What were its costs (in ₹)?
23. 23.A small business sells 53 handmade cards at ₹50 each. What is its revenue (in ₹)?
24. 24.A small business sells 25 paper bookmarks at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
25. 25.A small business sells 53 glasses of chai at ₹25 each. Its costs are ₹50. What is its profit (in ₹)?
26. 26.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
27. 27.A small business sells 21 cupcakes at ₹45 each. Its costs are ₹890. What is its profit (in ₹)?
28. 28.A small business sells 52 jute bags at ₹25 each. What is its revenue (in ₹)?
29. 29.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
30. 30.A small business sells 36 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
31. 31.A small business sells 51 bags of popcorn at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
32. 32.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner keeps all profit (d) owners’ risk is limited
33. 33.A small business sells 38 paper bookmarks at ₹25 each. Its costs are ₹620. What is its profit (in ₹)?
34. 34.True or false: “one owner runs it” is true of a company. (a) False (b) True
35. 35.A small business selling cups of lemonade had a revenue of ₹1275 and a profit of ₹955. What were its costs (in ₹)?
36. 36.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
37. 37.A small business selling bags of popcorn had a revenue of ₹550 and a profit of ₹350. What were its costs (in ₹)?
38. 38.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) run by directors
39. 39.A small business selling bags of popcorn had a revenue of ₹1000 and a profit of ₹490. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) one owner runs it (d) simplest to start

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