Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 394 · 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 paper bookmarks had a revenue of ₹300 and a profit of ₹230. What were its costs (in ₹)?
2. 2.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
3. 3.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) a separate legal body (d) run by directors
6. 6.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
7. 7.A small business selling glasses of chai had a revenue of ₹1025 and a profit of ₹685. What were its costs (in ₹)?
8. 8.A small business sells 59 handmade cards at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
9. 9.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
10. 10.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
11. 11.True or false: “simplest to start” is true of a company. (a) True (b) False
12. 12.A small business selling bags of popcorn had a revenue of ₹520 and a profit of ₹490. What were its costs (in ₹)?
13. 13.A small business sells 12 fruit cups at ₹25 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
16. 16.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) simplest to start
17. 17.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner owes the debts (d) a separate legal body
19. 19.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
20. 20.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
21. 21.A small business selling potted plants had a revenue of ₹460 and a profit of ₹130. What were its costs (in ₹)?
22. 22.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owned by shareholders
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
25. 25.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
26. 26.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
27. 27.A small business sells 46 clay diyas at ₹50 each. Its costs are ₹1140. What is its profit (in ₹)?
28. 28.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
29. 29.A small business selling bags of popcorn had a revenue of ₹460 and a profit of ₹30. What were its costs (in ₹)?
30. 30.A small business selling potted plants had a revenue of ₹170 and a profit of ₹120. What were its costs (in ₹)?
31. 31.True or false: “run by directors” is true of a sole trader. (a) True (b) False
32. 32.A small business sells 20 cups of lemonade at ₹50 each. Its costs are ₹130. What is its profit (in ₹)?
33. 33.A small business sells 39 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
35. 35.A small business sells 43 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
36. 36.A small business sells 11 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner keeps all profit
38. 38.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
39. 39.True or false: “run by directors” is true of a company. (a) False (b) True
40. 40.A small business sells 16 clay diyas at ₹45 each. Its costs are ₹610. What is its profit (in ₹)?

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