Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 428 · 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 25 potted plants at ₹15 each. Its costs are ₹200. What is its profit (in ₹)?
2. 2.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
8. 8.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) simplest to start
9. 9.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
10. 10.A small business sells 31 bags of popcorn at ₹35 each. Its costs are ₹310. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
13. 13.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
14. 14.A small business selling bags of popcorn had a revenue of ₹1120 and a profit of ₹1080. What were its costs (in ₹)?
15. 15.A small business sells 58 glasses of chai at ₹30 each. Its costs are ₹1590. What is its profit (in ₹)?
16. 16.A small business sells 38 friendship bands at ₹10 each. Its costs are ₹340. What is its profit (in ₹)?
17. 17.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
18. 18.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
19. 19.A small business selling painted pebbles had a revenue of ₹450 and a profit of ₹10. What were its costs (in ₹)?
20. 20.A small business sells 54 clay diyas at ₹20 each. Its costs are ₹90. What is its profit (in ₹)?
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) owners’ risk is limited
23. 23.True or false: “simplest to start” is true of a company. (a) True (b) False
24. 24.A small business selling bags of popcorn had a revenue of ₹2360 and a profit of ₹1390. What were its costs (in ₹)?
25. 25.A small business sells 23 clay diyas at ₹15 each. Its costs are ₹100. What is its profit (in ₹)?
26. 26.A small business selling paper bookmarks had a revenue of ₹1440 and a profit of ₹400. What were its costs (in ₹)?
27. 27.A small business sells 15 cups of lemonade at ₹35 each. Its costs are ₹320. What is its profit (in ₹)?
28. 28.A small business sells 45 cups of lemonade at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
29. 29.A small business sells 21 painted pebbles at ₹10 each. What is its revenue (in ₹)?
30. 30.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
31. 31.A small business sells 28 paper bookmarks at ₹15 each. Its costs are ₹180. What is its profit (in ₹)?
32. 32.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
34. 34.A small business selling painted pebbles had a revenue of ₹200 and a profit of ₹10. What were its costs (in ₹)?
35. 35.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) owners’ risk is limited
36. 36.🎂 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
37. 37.Which of these is true of a company? (a) run by directors (b) simplest to start (c) one owner runs it (d) owner owes the debts
38. 38.True or false: “one owner runs it” is true of a company. (a) True (b) False
39. 39.A small business selling friendship bands had a revenue of ₹940 and a profit of ₹800. What were its costs (in ₹)?
40. 40.A small business selling potted plants had a revenue of ₹1400 and a profit of ₹150. What were its costs (in ₹)?

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