Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 784 · 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.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) owner owes the debts
2. 2.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
3. 3.True or false: “owned by shareholders” is true of a company. (a) True (b) False
4. 4.A small business selling handmade cards had a revenue of ₹1000 and a profit of ₹720. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
6. 6.A small business sells 45 glasses of chai at ₹5 each. Its costs are ₹110. What is its profit (in ₹)?
7. 7.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
8. 8.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
9. 9.A small business selling clay diyas had a revenue of ₹1280 and a profit of ₹10. What were its costs (in ₹)?
10. 10.A small business sells 55 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
11. 11.A small business sells 39 handmade cards at ₹15 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.A small business selling bags of popcorn had a revenue of ₹300 and a profit of ₹60. What were its costs (in ₹)?
15. 15.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
16. 16.A small business selling painted pebbles had a revenue of ₹1440 and a profit of ₹1250. What were its costs (in ₹)?
17. 17.A small business selling glasses of chai had a revenue of ₹525 and a profit of ₹115. What were its costs (in ₹)?
18. 18.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
19. 19.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) one owner runs it (d) a separate legal body
20. 20.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
21. 21.True or false: “run by directors” is true of a sole trader. (a) False (b) True
22. 22.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
23. 23.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) run by directors
26. 26.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 23 clay diyas at ₹10 each. Its costs are ₹190. What is its profit (in ₹)?
28. 28.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
29. 29.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
30. 30.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
31. 31.A small business selling cups of lemonade had a revenue of ₹210 and a profit of ₹200. What were its costs (in ₹)?
32. 32.A small business sells 37 friendship bands at ₹40 each. Its costs are ₹1030. What is its profit (in ₹)?
33. 33.A small business sells 24 jute bags at ₹20 each. What is its revenue (in ₹)?
34. 34.A small business sells 14 painted pebbles at ₹15 each. What is its revenue (in ₹)?
35. 35.A small business sells 22 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
36. 36.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
37. 37.A small business selling clay diyas had a revenue of ₹665 and a profit of ₹305. What were its costs (in ₹)?
38. 38.True or false: “a separate legal body” is true of a company. (a) False (b) True
39. 39.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
40. 40.📊 Revenue or profit: left after all costs? (a) revenue (b) profit

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