Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 615 · 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 18 handmade cards at ₹35 each. What is its revenue (in ₹)?
2. 2.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) run by directors
4. 4.A small business sells 38 cupcakes at ₹15 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
6. 6.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
7. 7.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
8. 8.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
9. 9.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
10. 10.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
11. 11.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) one owner runs it
12. 12.A small business sells 29 bags of popcorn at ₹20 each. Its costs are ₹90. What is its profit (in ₹)?
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) simplest to start
14. 14.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) a separate legal body
15. 15.A small business sells 58 cupcakes at ₹25 each. What is its revenue (in ₹)?
16. 16.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
17. 17.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
19. 19.A small business sells 33 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
20. 20.A small business sells 33 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
21. 21.A small business sells 32 glasses of chai at ₹40 each. Its costs are ₹570. What is its profit (in ₹)?
22. 22.A small business selling potted plants had a revenue of ₹1300 and a profit of ₹1180. What were its costs (in ₹)?
23. 23.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
24. 24.A small business selling cupcakes had a revenue of ₹725 and a profit of ₹675. What were its costs (in ₹)?
25. 25.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner keeps all profit
27. 27.A small business selling painted pebbles had a revenue of ₹480 and a profit of ₹300. What were its costs (in ₹)?
28. 28.True or false: “simplest to start” is true of a company. (a) True (b) False
29. 29.A small business sells 17 clay diyas at ₹5 each. What is its revenue (in ₹)?
30. 30.A small business selling cups of lemonade had a revenue of ₹680 and a profit of ₹200. What were its costs (in ₹)?
31. 31.A small business sells 20 glasses of chai at ₹40 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
33. 33.A small business sells 57 glasses of chai at ₹30 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
36. 36.A small business selling fruit cups had a revenue of ₹60 and a profit of ₹10. What were its costs (in ₹)?
37. 37.A small business sells 49 jute bags at ₹5 each. Its costs are ₹140. What is its profit (in ₹)?
38. 38.A small business sells 12 handmade cards at ₹15 each. What is its revenue (in ₹)?
39. 39.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
40. 40.A small business sells 32 painted pebbles at ₹45 each. Its costs are ₹300. What is its profit (in ₹)?

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