Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 728 · 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 24 jute bags at ₹20 each. Its costs are ₹70. What is its profit (in ₹)?
2. 2.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) run by directors (d) owner owes the debts
3. 3.A small business selling fruit cups had a revenue of ₹120 and a profit of ₹40. What were its costs (in ₹)?
4. 4.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) simplest to start
5. 5.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
7. 7.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
10. 10.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
13. 13.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
14. 14.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
15. 15.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
16. 16.A small business selling fruit cups had a revenue of ₹210 and a profit of ₹200. What were its costs (in ₹)?
17. 17.True or false: “one owner runs it” is true of a company. (a) True (b) False
18. 18.True or false: “run by directors” is true of a company. (a) True (b) False
19. 19.A small business selling painted pebbles had a revenue of ₹690 and a profit of ₹620. What were its costs (in ₹)?
20. 20.A small business sells 32 clay diyas at ₹30 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
22. 22.A small business sells 48 potted plants at ₹50 each. What is its revenue (in ₹)?
23. 23.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
24. 24.A small business sells 15 friendship bands at ₹30 each. What is its revenue (in ₹)?
25. 25.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
26. 26.A small business selling painted pebbles had a revenue of ₹2550 and a profit of ₹790. What were its costs (in ₹)?
27. 27.A small business sells 13 potted plants at ₹20 each. Its costs are ₹200. What is its profit (in ₹)?
28. 28.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
29. 29.A small business selling fruit cups had a revenue of ₹850 and a profit of ₹740. What were its costs (in ₹)?
30. 30.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
31. 31.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
32. 32.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
33. 33.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) simplest to start
34. 34.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
35. 35.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
36. 36.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
37. 37.A small business selling clay diyas had a revenue of ₹1450 and a profit of ₹930. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
39. 39.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) run by directors
40. 40.A small business sells 42 potted plants at ₹50 each. What is its revenue (in ₹)?

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