Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 55 · 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 company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
2. 2.A small business selling handmade cards had a revenue of ₹1365 and a profit of ₹995. What were its costs (in ₹)?
3. 3.📜 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
4. 4.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owned by shareholders
5. 5.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
6. 6.A small business sells 32 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
7. 7.A small business selling paper bookmarks had a revenue of ₹370 and a profit of ₹130. What were its costs (in ₹)?
8. 8.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
9. 9.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner keeps all profit
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
13. 13.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
16. 16.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
17. 17.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
18. 18.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
19. 19.A small business sells 56 handmade cards at ₹25 each. What is its revenue (in ₹)?
20. 20.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
22. 22.A small business sells 40 potted plants at ₹10 each. What is its revenue (in ₹)?
23. 23.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
24. 24.A small business sells 27 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
25. 25.A small business sells 55 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
26. 26.A small business selling paper bookmarks had a revenue of ₹2115 and a profit of ₹1855. What were its costs (in ₹)?
27. 27.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) simplest to start
28. 28.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
29. 29.A small business selling painted pebbles had a revenue of ₹1500 and a profit of ₹1020. What were its costs (in ₹)?
30. 30.A small business sells 19 painted pebbles at ₹50 each. Its costs are ₹530. What is its profit (in ₹)?
31. 31.A small business sells 29 handmade cards at ₹35 each. Its costs are ₹110. What is its profit (in ₹)?
32. 32.A small business sells 40 friendship bands at ₹30 each. What is its revenue (in ₹)?
33. 33.A small business sells 21 paper bookmarks at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
34. 34.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
35. 35.A small business selling fruit cups had a revenue of ₹320 and a profit of ₹230. What were its costs (in ₹)?
36. 36.A small business selling handmade cards had a revenue of ₹400 and a profit of ₹80. What were its costs (in ₹)?
37. 37.A small business sells 30 glasses of chai at ₹5 each. What is its revenue (in ₹)?
38. 38.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
39. 39.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
40. 40.A small business sells 25 clay diyas at ₹25 each. Its costs are ₹380. What is its profit (in ₹)?

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