Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 566 · 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.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) simplest to start
2. 2.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
3. 3.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
4. 4.A small business sells 36 potted plants at ₹30 each. What is its revenue (in ₹)?
5. 5.A small business sells 52 painted pebbles at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
6. 6.A small business sells 53 jute bags at ₹45 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) simplest to start (d) owned by shareholders
9. 9.A small business sells 50 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
11. 11.A small business selling clay diyas had a revenue of ₹85 and a profit of ₹15. What were its costs (in ₹)?
12. 12.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
13. 13.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
14. 14.A small business selling clay diyas had a revenue of ₹510 and a profit of ₹130. What were its costs (in ₹)?
15. 15.A small business selling potted plants had a revenue of ₹1060 and a profit of ₹290. What were its costs (in ₹)?
16. 16.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) one owner runs it (d) owned by shareholders
18. 18.A small business sells 15 glasses of chai at ₹25 each. Its costs are ₹30. What is its profit (in ₹)?
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
20. 20.A small business sells 50 clay diyas at ₹40 each. Its costs are ₹1770. What is its profit (in ₹)?
21. 21.A small business sells 22 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
22. 22.A small business sells 38 cups of lemonade at ₹50 each. Its costs are ₹1330. What is its profit (in ₹)?
23. 23.A small business sells 16 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
24. 24.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) run by directors
26. 26.A small business sells 27 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
28. 28.A small business sells 11 potted plants at ₹25 each. What is its revenue (in ₹)?
29. 29.A small business sells 13 jute bags at ₹40 each. What is its revenue (in ₹)?
30. 30.True or false: “owner owes the debts” is true of a company. (a) True (b) False
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
32. 32.A small business sells 43 glasses of chai at ₹5 each. What is its revenue (in ₹)?
33. 33.True or false: “one owner runs it” is true of a company. (a) False (b) True
34. 34.A small business selling potted plants had a revenue of ₹800 and a profit of ₹100. What were its costs (in ₹)?
35. 35.A small business sells 12 handmade cards at ₹30 each. What is its revenue (in ₹)?
36. 36.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
37. 37.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
38. 38.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
39. 39.A small business selling cups of lemonade had a revenue of ₹260 and a profit of ₹30. What were its costs (in ₹)?
40. 40.A small business sells 17 cups of lemonade at ₹30 each. What is its revenue (in ₹)?

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