Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 655 · 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 painted pebbles at ₹15 each. Its costs are ₹220. What is its profit (in ₹)?
2. 2.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
3. 3.True or false: “owned by shareholders” is true of a company. (a) True (b) False
4. 4.True or false: “simplest to start” is true of a company. (a) False (b) True
5. 5.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
6. 6.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
7. 7.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
10. 10.A small business sells 51 handmade cards at ₹35 each. Its costs are ₹790. What is its profit (in ₹)?
11. 11.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
12. 12.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
13. 13.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
14. 14.A small business sells 33 cups of lemonade at ₹45 each. Its costs are ₹290. What is its profit (in ₹)?
15. 15.A small business selling friendship bands had a revenue of ₹320 and a profit of ₹80. What were its costs (in ₹)?
16. 16.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner owes the debts
17. 17.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
18. 18.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
19. 19.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
21. 21.True or false: “run by directors” is true of a sole trader. (a) True (b) False
22. 22.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
23. 23.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
24. 24.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
27. 27.A small business selling cups of lemonade had a revenue of ₹600 and a profit of ₹290. What were its costs (in ₹)?
28. 28.A small business sells 10 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
29. 29.True or false: “owner owes the debts” is true of a company. (a) False (b) True
30. 30.A small business sells 40 fruit cups at ₹15 each. Its costs are ₹310. What is its profit (in ₹)?
31. 31.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
32. 32.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) owner keeps all profit
33. 33.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
34. 34.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) one owner runs it
35. 35.A small business sells 29 glasses of chai at ₹20 each. What is its revenue (in ₹)?
36. 36.A small business selling painted pebbles had a revenue of ₹1180 and a profit of ₹940. What were its costs (in ₹)?
37. 37.A small business sells 32 handmade cards at ₹20 each. What is its revenue (in ₹)?
38. 38.A small business selling fruit cups had a revenue of ₹240 and a profit of ₹30. What were its costs (in ₹)?
39. 39.A small business sells 29 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
40. 40.True or false: “simplest to start” is true of a sole trader. (a) False (b) True

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