Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 432 · 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 painted pebbles had a revenue of ₹1350 and a profit of ₹1300. What were its costs (in ₹)?
2. 2.A small business sells 49 glasses of chai at ₹45 each. What is its revenue (in ₹)?
3. 3.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
4. 4.True or false: “owner owes the debts” is true of a company. (a) True (b) False
5. 5.A small business sells 38 jute bags at ₹5 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
9. 9.A small business selling painted pebbles had a revenue of ₹500 and a profit of ₹360. What were its costs (in ₹)?
10. 10.A small business selling paper bookmarks had a revenue of ₹230 and a profit of ₹170. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
12. 12.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
13. 13.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
14. 14.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
15. 15.A small business selling paper bookmarks had a revenue of ₹225 and a profit of ₹105. What were its costs (in ₹)?
16. 16.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) owner keeps all profit
17. 17.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
18. 18.A small business sells 16 clay diyas at ₹50 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
20. 20.A small business sells 13 jute bags at ₹35 each. What is its revenue (in ₹)?
21. 21.A small business selling painted pebbles had a revenue of ₹980 and a profit of ₹870. What were its costs (in ₹)?
22. 22.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
23. 23.True or false: “run by directors” is true of a company. (a) False (b) True
24. 24.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
25. 25.True or false: “simplest to start” is true of a company. (a) True (b) False
26. 26.A small business selling glasses of chai had a revenue of ₹1300 and a profit of ₹950. What were its costs (in ₹)?
27. 27.A small business sells 47 cupcakes at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
28. 28.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
29. 29.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
30. 30.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
31. 31.A small business sells 29 clay diyas at ₹45 each. Its costs are ₹400. What is its profit (in ₹)?
32. 32.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner owes the debts
33. 33.A small business sells 55 friendship bands at ₹20 each. Its costs are ₹100. What is its profit (in ₹)?
34. 34.A small business selling cupcakes had a revenue of ₹220 and a profit of ₹190. What were its costs (in ₹)?
35. 35.A small business selling jute bags had a revenue of ₹1350 and a profit of ₹310. What were its costs (in ₹)?
36. 36.A small business sells 51 glasses of chai at ₹35 each. What is its revenue (in ₹)?
37. 37.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
38. 38.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
39. 39.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
40. 40.A small business sells 27 painted pebbles at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?

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