Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 467 · 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 60 painted pebbles at ₹45 each. What is its revenue (in ₹)?
2. 2.A small business selling bags of popcorn had a revenue of ₹640 and a profit of ₹230. What were its costs (in ₹)?
3. 3.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
4. 4.A small business selling fruit cups had a revenue of ₹75 and a profit of ₹65. What were its costs (in ₹)?
5. 5.A small business sells 55 friendship bands at ₹10 each. What is its revenue (in ₹)?
6. 6.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
7. 7.A small business sells 49 glasses of chai at ₹35 each. Its costs are ₹50. What is its profit (in ₹)?
8. 8.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
9. 9.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner keeps all profit
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
12. 12.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
13. 13.A small business selling jute bags had a revenue of ₹540 and a profit of ₹70. What were its costs (in ₹)?
14. 14.A small business sells 12 handmade cards at ₹40 each. Its costs are ₹80. What is its profit (in ₹)?
15. 15.A small business sells 33 painted pebbles at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
16. 16.A small business sells 26 handmade cards at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
17. 17.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
18. 18.A small business sells 42 jute bags at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
19. 19.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
20. 20.A small business selling jute bags had a revenue of ₹430 and a profit of ₹150. What were its costs (in ₹)?
21. 21.A small business sells 19 potted plants at ₹40 each. Its costs are ₹350. What is its profit (in ₹)?
22. 22.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
23. 23.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
24. 24.True or false: “run by directors” is true of a sole trader. (a) False (b) True
25. 25.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
26. 26.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) simplest to start
27. 27.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
28. 28.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
29. 29.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 34 cupcakes at ₹45 each. What is its revenue (in ₹)?
32. 32.A small business selling bags of popcorn had a revenue of ₹800 and a profit of ₹360. What were its costs (in ₹)?
33. 33.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
34. 34.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
35. 35.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) a separate legal body
36. 36.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
37. 37.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 55 clay diyas at ₹35 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
40. 40.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) owner owes the debts

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