Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 687 · 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 45 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) owner keeps all profit (d) one owner runs it
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
4. 4.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
5. 5.A small business sells 53 clay diyas at ₹45 each. Its costs are ₹700. What is its profit (in ₹)?
6. 6.A small business sells 30 cupcakes at ₹50 each. What is its revenue (in ₹)?
7. 7.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
10. 10.A small business sells 13 cups of lemonade at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
11. 11.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
12. 12.A small business selling friendship bands had a revenue of ₹2350 and a profit of ₹2090. What were its costs (in ₹)?
13. 13.A small business sells 36 friendship bands at ₹30 each. Its costs are ₹210. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
15. 15.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
16. 16.A small business sells 54 potted plants at ₹5 each. What is its revenue (in ₹)?
17. 17.A small business selling bags of popcorn had a revenue of ₹2385 and a profit of ₹1975. What were its costs (in ₹)?
18. 18.A small business selling bags of popcorn had a revenue of ₹570 and a profit of ₹330. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
20. 20.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
21. 21.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
22. 22.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
23. 23.A small business selling bags of popcorn had a revenue of ₹1540 and a profit of ₹230. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
26. 26.A small business selling jute bags had a revenue of ₹1480 and a profit of ₹10. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
28. 28.A small business sells 52 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
29. 29.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
30. 30.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
31. 31.A small business sells 27 friendship bands at ₹40 each. What is its revenue (in ₹)?
32. 32.A small business selling friendship bands had a revenue of ₹1500 and a profit of ₹260. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
34. 34.A small business sells 59 painted pebbles at ₹50 each. Its costs are ₹2060. What is its profit (in ₹)?
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
36. 36.A small business sells 10 potted plants at ₹25 each. Its costs are ₹140. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
38. 38.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
39. 39.A small business sells 35 cupcakes at ₹35 each. Its costs are ₹1140. What is its profit (in ₹)?
40. 40.A small business sells 20 fruit cups at ₹40 each. What is its revenue (in ₹)?

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