Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 58 · 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) its shareholders (b) the government always (c) its suppliers (d) its customers
2. 2.A small business sells 52 handmade cards at ₹45 each. Its costs are ₹460. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
4. 4.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
5. 5.True or false: “run by directors” is true of a company. (a) False (b) True
6. 6.A small business selling jute bags had a revenue of ₹760 and a profit of ₹40. What were its costs (in ₹)?
7. 7.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
8. 8.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) simplest to start (d) a separate legal body
9. 9.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) owned by shareholders
11. 11.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
12. 12.True or false: “simplest to start” is true of a company. (a) True (b) False
13. 13.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) run by directors
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
16. 16.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
17. 17.A small business sells 58 clay diyas at ₹20 each. What is its revenue (in ₹)?
18. 18.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
19. 19.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) owned by shareholders
20. 20.A small business sells 28 friendship bands at ₹25 each. What is its revenue (in ₹)?
21. 21.A small business selling fruit cups had a revenue of ₹960 and a profit of ₹880. What were its costs (in ₹)?
22. 22.A small business sells 42 clay diyas at ₹45 each. Its costs are ₹1020. What is its profit (in ₹)?
23. 23.A small business sells 47 handmade cards at ₹5 each. Its costs are ₹200. What is its profit (in ₹)?
24. 24.A small business sells 11 glasses of chai at ₹35 each. Its costs are ₹240. What is its profit (in ₹)?
25. 25.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
26. 26.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
27. 27.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
28. 28.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
29. 29.A small business sells 47 painted pebbles at ₹40 each. What is its revenue (in ₹)?
30. 30.A small business selling clay diyas had a revenue of ₹1080 and a profit of ₹840. What were its costs (in ₹)?
31. 31.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
32. 32.A small business sells 46 bags of popcorn at ₹45 each. Its costs are ₹1230. What is its profit (in ₹)?
33. 33.A small business selling glasses of chai had a revenue of ₹855 and a profit of ₹635. What were its costs (in ₹)?
34. 34.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
35. 35.A small business selling paper bookmarks had a revenue of ₹2100 and a profit of ₹1310. What were its costs (in ₹)?
36. 36.A small business selling cups of lemonade had a revenue of ₹190 and a profit of ₹120. What were its costs (in ₹)?
37. 37.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
38. 38.A small business selling jute bags had a revenue of ₹900 and a profit of ₹230. What were its costs (in ₹)?
39. 39.A small business sells 33 jute bags at ₹15 each. What is its revenue (in ₹)?
40. 40.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False

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