Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 539 · 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.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
2. 2.A small business selling jute bags had a revenue of ₹1550 and a profit of ₹1290. What were its costs (in ₹)?
3. 3.A small business sells 27 clay diyas at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
4. 4.True or false: “owned by shareholders” is true of a company. (a) True (b) False
5. 5.A small business selling bags of popcorn had a revenue of ₹2400 and a profit of ₹1770. What were its costs (in ₹)?
6. 6.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
7. 7.A small business sells 30 glasses of chai at ₹30 each. Its costs are ₹690. What is its profit (in ₹)?
8. 8.A small business sells 46 clay diyas at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
10. 10.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
11. 11.A small business sells 19 clay diyas at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
12. 12.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
14. 14.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
15. 15.A small business selling jute bags had a revenue of ₹900 and a profit of ₹640. What were its costs (in ₹)?
16. 16.A small business selling paper bookmarks had a revenue of ₹1560 and a profit of ₹1490. What were its costs (in ₹)?
17. 17.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
18. 18.A small business sells 15 glasses of chai at ₹25 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
20. 20.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
21. 21.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
22. 22.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
23. 23.A small business selling clay diyas had a revenue of ₹1600 and a profit of ₹1070. What were its costs (in ₹)?
24. 24.A small business sells 54 potted plants at ₹45 each. Its costs are ₹1700. What is its profit (in ₹)?
25. 25.A small business sells 23 potted plants at ₹45 each. What is its revenue (in ₹)?
26. 26.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
27. 27.A small business selling cupcakes had a revenue of ₹130 and a profit of ₹80. What were its costs (in ₹)?
28. 28.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
29. 29.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
31. 31.True or false: “a separate legal body” is true of a company. (a) False (b) True
32. 32.True or false: “owner owes the debts” is true of a company. (a) False (b) True
33. 33.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
34. 34.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
35. 35.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) one owner runs it
36. 36.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
37. 37.A small business sells 10 fruit cups at ₹15 each. What is its revenue (in ₹)?
38. 38.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owned by shareholders
39. 39.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
40. 40.A small business selling glasses of chai had a revenue of ₹410 and a profit of ₹130. What were its costs (in ₹)?

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