Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 729 · 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 58 jute bags at ₹5 each. What is its revenue (in ₹)?
2. 2.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
4. 4.A small business selling fruit cups had a revenue of ₹220 and a profit of ₹140. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
6. 6.A small business sells 17 potted plants at ₹25 each. What is its revenue (in ₹)?
7. 7.A small business selling cups of lemonade had a revenue of ₹2250 and a profit of ₹380. What were its costs (in ₹)?
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) one owner runs it
9. 9.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner keeps all profit
10. 10.A small business selling paper bookmarks had a revenue of ₹300 and a profit of ₹70. What were its costs (in ₹)?
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.A small business selling friendship bands had a revenue of ₹1770 and a profit of ₹120. What were its costs (in ₹)?
13. 13.A small business selling clay diyas had a revenue of ₹720 and a profit of ₹710. What were its costs (in ₹)?
14. 14.True or false: “run by directors” is true of a sole trader. (a) False (b) True
15. 15.A small business selling friendship bands had a revenue of ₹585 and a profit of ₹125. What were its costs (in ₹)?
16. 16.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
17. 17.A small business sells 60 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) a separate legal body
19. 19.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) a separate legal body (d) run by directors
21. 21.True or false: “a separate legal body” is true of a company. (a) False (b) True
22. 22.A small business selling paper bookmarks had a revenue of ₹1400 and a profit of ₹710. What were its costs (in ₹)?
23. 23.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
24. 24.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
25. 25.A small business selling cups of lemonade had a revenue of ₹825 and a profit of ₹515. What were its costs (in ₹)?
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
27. 27.A small business selling bags of popcorn had a revenue of ₹690 and a profit of ₹290. What were its costs (in ₹)?
28. 28.True or false: “owner owes the debts” is true of a company. (a) True (b) False
29. 29.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
30. 30.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) simplest to start
31. 31.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
32. 32.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
33. 33.A small business sells 28 fruit cups at ₹35 each. What is its revenue (in ₹)?
34. 34.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
35. 35.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
36. 36.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
37. 37.A small business sells 53 friendship bands at ₹25 each. What is its revenue (in ₹)?
38. 38.True or false: “simplest to start” is true of a company. (a) True (b) False
39. 39.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False

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