Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 388 · 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 47 jute bags at ₹15 each. Its costs are ₹550. What is its profit (in ₹)?
2. 2.🎂 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
3. 3.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
4. 4.True or false: “run by directors” is true of a company. (a) False (b) True
5. 5.A small business sells 22 bags of popcorn at ₹25 each. Its costs are ₹520. What is its profit (in ₹)?
6. 6.A small business selling bags of popcorn had a revenue of ₹1750 and a profit of ₹1010. What were its costs (in ₹)?
7. 7.A small business selling glasses of chai had a revenue of ₹920 and a profit of ₹750. What were its costs (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
9. 9.A small business selling paper bookmarks had a revenue of ₹660 and a profit of ₹270. What were its costs (in ₹)?
10. 10.A small business selling potted plants had a revenue of ₹665 and a profit of ₹645. What were its costs (in ₹)?
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
13. 13.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.A small business sells 56 potted plants at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
16. 16.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
19. 19.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
21. 21.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
22. 22.A small business sells 15 friendship bands at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
24. 24.A small business sells 37 jute bags at ₹45 each. Its costs are ₹380. What is its profit (in ₹)?
25. 25.A small business sells 15 friendship bands at ₹35 each. Its costs are ₹30. What is its profit (in ₹)?
26. 26.A small business selling cupcakes had a revenue of ₹1240 and a profit of ₹40. What were its costs (in ₹)?
27. 27.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owned by shareholders
28. 28.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) a separate legal body
29. 29.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
30. 30.A small business selling potted plants had a revenue of ₹1170 and a profit of ₹900. What were its costs (in ₹)?
31. 31.A small business sells 32 glasses of chai at ₹10 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
33. 33.A small business selling paper bookmarks had a revenue of ₹490 and a profit of ₹70. What were its costs (in ₹)?
34. 34.True or false: “owned by shareholders” is true of a company. (a) True (b) False
35. 35.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
36. 36.A small business sells 15 cupcakes at ₹15 each. What is its revenue (in ₹)?
37. 37.A small business selling handmade cards had a revenue of ₹145 and a profit of ₹135. What were its costs (in ₹)?
38. 38.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
39. 39.A small business sells 21 friendship bands at ₹35 each. Its costs are ₹490. What is its profit (in ₹)?
40. 40.A small business sells 46 glasses of chai at ₹45 each. What is its revenue (in ₹)?

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