Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 567 · 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 owes the debts” is true of a company. (a) True (b) False
2. 2.A small business selling painted pebbles had a revenue of ₹210 and a profit of ₹30. What were its costs (in ₹)?
3. 3.A small business sells 17 clay diyas at ₹35 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
5. 5.A small business sells 38 bags of popcorn at ₹15 each. Its costs are ₹220. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
7. 7.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
8. 8.A small business selling handmade cards had a revenue of ₹600 and a profit of ₹450. What were its costs (in ₹)?
9. 9.A small business sells 16 handmade cards at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
11. 11.A small business sells 58 handmade cards at ₹15 each. What is its revenue (in ₹)?
12. 12.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
13. 13.A small business sells 36 friendship bands at ₹25 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
15. 15.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
16. 16.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.A small business selling glasses of chai had a revenue of ₹1140 and a profit of ₹830. What were its costs (in ₹)?
19. 19.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
20. 20.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
21. 21.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
22. 22.A small business sells 51 jute bags at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
24. 24.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
25. 25.A small business selling handmade cards had a revenue of ₹1260 and a profit of ₹190. What were its costs (in ₹)?
26. 26.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
27. 27.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
28. 28.A small business sells 38 painted pebbles at ₹15 each. What is its revenue (in ₹)?
29. 29.A small business sells 47 bags of popcorn at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
30. 30.A small business sells 10 jute bags at ₹45 each. What is its revenue (in ₹)?
31. 31.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
32. 32.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
33. 33.A small business sells 47 potted plants at ₹15 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
35. 35.A small business sells 13 friendship bands at ₹20 each. Its costs are ₹90. What is its profit (in ₹)?
36. 36.True or false: “a separate legal body” is true of a company. (a) True (b) False
37. 37.True or false: “one owner runs it” is true of a company. (a) False (b) True
38. 38.A small business selling glasses of chai had a revenue of ₹2160 and a profit of ₹1610. What were its costs (in ₹)?
39. 39.True or false: “run by directors” is true of a sole trader. (a) False (b) True
40. 40.True or false: “simplest to start” is true of a company. (a) False (b) True

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