Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 637 · 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.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
2. 2.A small business sells 16 clay diyas at ₹45 each. Its costs are ₹530. What is its profit (in ₹)?
3. 3.🎂 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
4. 4.A small business sells 20 potted plants at ₹10 each. What is its revenue (in ₹)?
5. 5.A small business selling glasses of chai had a revenue of ₹950 and a profit of ₹270. What were its costs (in ₹)?
6. 6.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
7. 7.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
11. 11.A small business sells 57 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
12. 12.A small business selling painted pebbles had a revenue of ₹80 and a profit of ₹40. What were its costs (in ₹)?
13. 13.A small business sells 57 fruit cups at ₹15 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.A small business sells 23 clay diyas at ₹30 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) simplest to start (d) one owner runs it
17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
18. 18.A small business sells 31 handmade cards at ₹35 each. What is its revenue (in ₹)?
19. 19.A small business sells 40 glasses of chai at ₹15 each. What is its revenue (in ₹)?
20. 20.A small business selling jute bags had a revenue of ₹1170 and a profit of ₹50. What were its costs (in ₹)?
21. 21.True or false: “simplest to start” is true of a company. (a) True (b) False
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner owes the debts (d) a separate legal body
23. 23.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
24. 24.A small business selling handmade cards had a revenue of ₹1350 and a profit of ₹210. What were its costs (in ₹)?
25. 25.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner keeps all profit
26. 26.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
27. 27.A small business sells 43 paper bookmarks at ₹5 each. Its costs are ₹90. What is its profit (in ₹)?
28. 28.A small business sells 13 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) owner keeps all profit (d) simplest to start
30. 30.A small business sells 15 jute bags at ₹10 each. Its costs are ₹120. What is its profit (in ₹)?
31. 31.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
32. 32.A small business selling paper bookmarks had a revenue of ₹290 and a profit of ₹160. What were its costs (in ₹)?
33. 33.A small business sells 10 cupcakes at ₹35 each. What is its revenue (in ₹)?
34. 34.A small business selling jute bags had a revenue of ₹525 and a profit of ₹475. What were its costs (in ₹)?
35. 35.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
36. 36.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
37. 37.A small business selling cups of lemonade had a revenue of ₹330 and a profit of ₹100. What were its costs (in ₹)?
38. 38.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
39. 39.A small business selling cupcakes had a revenue of ₹340 and a profit of ₹200. What were its costs (in ₹)?
40. 40.True or false: “a separate legal body” is true of a company. (a) True (b) False

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