Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 602 · 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 selling glasses of chai had a revenue of ₹600 and a profit of ₹570. What were its costs (in ₹)?
2. 2.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner owes the debts
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owners’ risk is limited
4. 4.A small business sells 43 handmade cards at ₹50 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
6. 6.A small business selling jute bags had a revenue of ₹500 and a profit of ₹190. What were its costs (in ₹)?
7. 7.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) owned by shareholders
8. 8.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
9. 9.A small business selling friendship bands had a revenue of ₹540 and a profit of ₹350. What were its costs (in ₹)?
10. 10.A small business sells 57 potted plants at ₹50 each. Its costs are ₹1980. What is its profit (in ₹)?
11. 11.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
14. 14.A small business sells 43 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
16. 16.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
17. 17.A small business selling glasses of chai had a revenue of ₹2025 and a profit of ₹195. What were its costs (in ₹)?
18. 18.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
19. 19.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
20. 20.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
21. 21.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
22. 22.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
23. 23.A small business sells 11 handmade cards at ₹20 each. Its costs are ₹210. What is its profit (in ₹)?
24. 24.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
25. 25.A small business selling fruit cups had a revenue of ₹120 and a profit of ₹40. What were its costs (in ₹)?
26. 26.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
27. 27.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
28. 28.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
29. 29.A small business selling paper bookmarks had a revenue of ₹1375 and a profit of ₹65. What were its costs (in ₹)?
30. 30.A small business sells 58 glasses of chai at ₹5 each. Its costs are ₹240. What is its profit (in ₹)?
31. 31.A small business sells 59 jute bags at ₹40 each. What is its revenue (in ₹)?
32. 32.A small business sells 55 painted pebbles at ₹30 each. Its costs are ₹1050. What is its profit (in ₹)?
33. 33.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) run by directors
34. 34.A small business sells 34 jute bags at ₹10 each. What is its revenue (in ₹)?
35. 35.A small business sells 30 friendship bands at ₹10 each. What is its revenue (in ₹)?
36. 36.A small business sells 30 potted plants at ₹30 each. What is its revenue (in ₹)?
37. 37.A small business sells 44 cupcakes at ₹35 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
39. 39.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
40. 40.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always

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