Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 681 · 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.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner keeps all profit
3. 3.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
4. 4.A small business selling potted plants had a revenue of ₹780 and a profit of ₹430. What were its costs (in ₹)?
5. 5.A small business sells 40 handmade cards at ₹5 each. What is its revenue (in ₹)?
6. 6.True or false: “owner owes the debts” is true of a company. (a) True (b) False
7. 7.True or false: “a separate legal body” is true of a company. (a) True (b) False
8. 8.A small business sells 44 cupcakes at ₹5 each. Its costs are ₹170. What is its profit (in ₹)?
9. 9.A small business selling handmade cards had a revenue of ₹820 and a profit of ₹800. What were its costs (in ₹)?
10. 10.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
13. 13.A small business selling handmade cards had a revenue of ₹2295 and a profit of ₹135. What were its costs (in ₹)?
14. 14.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
15. 15.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
16. 16.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) one owner runs it
18. 18.A small business sells 33 cupcakes at ₹50 each. Its costs are ₹1460. What is its profit (in ₹)?
19. 19.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit
20. 20.A small business sells 25 cupcakes at ₹5 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
22. 22.A small business sells 23 bags of popcorn at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
23. 23.A small business sells 52 cups of lemonade at ₹35 each. Its costs are ₹850. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
25. 25.A small business selling paper bookmarks had a revenue of ₹870 and a profit of ₹220. What were its costs (in ₹)?
26. 26.A small business sells 36 clay diyas at ₹5 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
28. 28.A small business selling jute bags had a revenue of ₹900 and a profit of ₹270. What were its costs (in ₹)?
29. 29.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
30. 30.A small business sells 47 cupcakes at ₹45 each. Its costs are ₹1970. What is its profit (in ₹)?
31. 31.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
32. 32.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
33. 33.A small business selling bags of popcorn had a revenue of ₹480 and a profit of ₹30. What were its costs (in ₹)?
34. 34.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
35. 35.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
36. 36.A small business sells 15 friendship bands at ₹25 each. Its costs are ₹30. What is its profit (in ₹)?
37. 37.A small business sells 27 clay diyas at ₹25 each. Its costs are ₹420. What is its profit (in ₹)?
38. 38.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) owner owes the debts
39. 39.A small business sells 33 potted plants at ₹5 each. What is its revenue (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True

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