Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 610 · 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.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
2. 2.A small business sells 49 fruit cups at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
3. 3.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
4. 4.A small business sells 20 cupcakes at ₹20 each. Its costs are ₹230. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) a separate legal body
7. 7.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) owner owes the debts
8. 8.A small business sells 33 jute bags at ₹30 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owned by shareholders
11. 11.True or false: “simplest to start” is true of a company. (a) False (b) True
12. 12.A small business sells 52 jute bags at ₹35 each. Its costs are ₹1070. What is its profit (in ₹)?
13. 13.A small business sells 20 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
15. 15.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
16. 16.A small business sells 20 paper bookmarks at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
17. 17.A small business sells 18 friendship bands at ₹45 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) owner owes the debts
19. 19.True or false: “a separate legal body” is true of a company. (a) True (b) False
20. 20.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
21. 21.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
22. 22.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
23. 23.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) run by directors
25. 25.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
26. 26.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
27. 27.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
28. 28.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
29. 29.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
30. 30.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
31. 31.A small business selling potted plants had a revenue of ₹650 and a profit of ₹210. What were its costs (in ₹)?
32. 32.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
33. 33.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
34. 34.A small business selling clay diyas had a revenue of ₹780 and a profit of ₹420. What were its costs (in ₹)?
35. 35.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
36. 36.A small business selling jute bags had a revenue of ₹760 and a profit of ₹300. What were its costs (in ₹)?
37. 37.True or false: “one owner runs it” is true of a company. (a) False (b) True
38. 38.A small business sells 26 friendship bands at ₹50 each. Its costs are ₹1120. What is its profit (in ₹)?
39. 39.A small business sells 47 glasses of chai at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
40. 40.A small business selling clay diyas had a revenue of ₹1980 and a profit of ₹230. What were its costs (in ₹)?

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