Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 772 · 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.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
3. 3.A small business sells 31 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner owes the debts
5. 5.True or false: “run by directors” is true of a company. (a) False (b) True
6. 6.A small business selling potted plants had a revenue of ₹1950 and a profit of ₹990. What were its costs (in ₹)?
7. 7.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
8. 8.A small business sells 17 potted plants at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
9. 9.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
10. 10.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
11. 11.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
12. 12.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
13. 13.A small business selling handmade cards had a revenue of ₹805 and a profit of ₹405. What were its costs (in ₹)?
14. 14.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
15. 15.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
16. 16.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
17. 17.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
18. 18.A small business selling paper bookmarks had a revenue of ₹50 and a profit of ₹30. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
20. 20.A small business selling bags of popcorn had a revenue of ₹270 and a profit of ₹210. What were its costs (in ₹)?
21. 21.A small business selling friendship bands had a revenue of ₹375 and a profit of ₹135. What were its costs (in ₹)?
22. 22.A small business sells 16 painted pebbles at ₹50 each. Its costs are ₹240. What is its profit (in ₹)?
23. 23.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) run by directors (d) owner keeps all profit
24. 24.True or false: “simplest to start” is true of a company. (a) False (b) True
25. 25.A small business sells 17 painted pebbles at ₹20 each. Its costs are ₹90. What is its profit (in ₹)?
26. 26.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
27. 27.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
28. 28.A small business sells 21 painted pebbles at ₹50 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owned by shareholders
30. 30.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
32. 32.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
33. 33.True or false: “owner owes the debts” is true of a company. (a) True (b) False
34. 34.A small business sells 10 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
35. 35.A small business sells 29 cupcakes at ₹50 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
37. 37.A small business selling cups of lemonade had a revenue of ₹1120 and a profit of ₹820. What were its costs (in ₹)?
38. 38.A small business sells 22 clay diyas at ₹40 each. What is its revenue (in ₹)?
39. 39.True or false: “one owner runs it” is true of a company. (a) True (b) False
40. 40.A small business sells 12 handmade cards at ₹45 each. What is its revenue (in ₹)?

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