Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 487 · 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.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
2. 2.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
4. 4.A small business selling handmade cards had a revenue of ₹2115 and a profit of ₹985. What were its costs (in ₹)?
5. 5.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
6. 6.True or false: “run by directors” is true of a sole trader. (a) True (b) False
7. 7.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
8. 8.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
9. 9.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
10. 10.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
11. 11.A small business sells 60 fruit cups at ₹30 each. What is its revenue (in ₹)?
12. 12.A small business sells 49 jute bags at ₹40 each. What is its revenue (in ₹)?
13. 13.A small business selling fruit cups had a revenue of ₹85 and a profit of ₹35. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
15. 15.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
17. 17.A small business sells 48 clay diyas at ₹10 each. What is its revenue (in ₹)?
18. 18.A small business selling glasses of chai had a revenue of ₹570 and a profit of ₹550. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
20. 20.A small business selling glasses of chai had a revenue of ₹660 and a profit of ₹300. What were its costs (in ₹)?
21. 21.A small business sells 49 cups of lemonade at ₹25 each. Its costs are ₹230. What is its profit (in ₹)?
22. 22.A small business selling cups of lemonade had a revenue of ₹480 and a profit of ₹300. What were its costs (in ₹)?
23. 23.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
24. 24.A small business selling cups of lemonade had a revenue of ₹200 and a profit of ₹130. What were its costs (in ₹)?
25. 25.A small business selling paper bookmarks had a revenue of ₹2900 and a profit of ₹90. What were its costs (in ₹)?
26. 26.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
27. 27.A small business sells 18 jute bags at ₹30 each. What is its revenue (in ₹)?
28. 28.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
30. 30.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
31. 31.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
32. 32.A small business sells 56 jute bags at ₹25 each. What is its revenue (in ₹)?
33. 33.A small business sells 34 handmade cards at ₹50 each. What is its revenue (in ₹)?
34. 34.A small business sells 40 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
35. 35.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
36. 36.A small business sells 10 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
37. 37.A small business sells 15 fruit cups at ₹40 each. Its costs are ₹300. What is its profit (in ₹)?
38. 38.A small business sells 26 handmade cards at ₹5 each. What is its revenue (in ₹)?
39. 39.A small business sells 12 jute bags at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
40. 40.True or false: “simplest to start” is true of a sole trader. (a) False (b) True

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