Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 568 · 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 small business sells 44 glasses of chai at ₹40 each. Its costs are ₹1250. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
3. 3.A small business selling jute bags had a revenue of ₹100 and a profit of ₹10. What were its costs (in ₹)?
4. 4.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) simplest to start (d) run by directors
8. 8.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
9. 9.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
10. 10.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
11. 11.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
13. 13.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
14. 14.A small business sells 52 fruit cups at ₹5 each. What is its revenue (in ₹)?
15. 15.True or false: “run by directors” is true of a sole trader. (a) True (b) False
16. 16.A small business sells 52 glasses of chai at ₹50 each. Its costs are ₹530. What is its profit (in ₹)?
17. 17.A small business sells 10 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
18. 18.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
19. 19.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
20. 20.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) owners’ risk is limited
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
22. 22.A small business selling painted pebbles had a revenue of ₹2025 and a profit of ₹1875. What were its costs (in ₹)?
23. 23.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
24. 24.A small business sells 34 cups of lemonade at ₹10 each. Its costs are ₹250. What is its profit (in ₹)?
25. 25.A small business sells 42 clay diyas at ₹5 each. What is its revenue (in ₹)?
26. 26.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
27. 27.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
29. 29.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
30. 30.A small business sells 49 cups of lemonade at ₹45 each. Its costs are ₹1930. What is its profit (in ₹)?
31. 31.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
32. 32.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
33. 33.A small business selling jute bags had a revenue of ₹660 and a profit of ₹200. What were its costs (in ₹)?
34. 34.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
35. 35.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
36. 36.A small business sells 43 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
37. 37.A small business sells 54 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
38. 38.A small business sells 54 potted plants at ₹35 each. What is its revenue (in ₹)?
39. 39.A small business sells 10 potted plants at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?
40. 40.A small business sells 58 handmade cards at ₹30 each. What is its revenue (in ₹)?

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