Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 791 · 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 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
2. 2.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
3. 3.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
6. 6.A small business selling bags of popcorn had a revenue of ₹65 and a profit of ₹35. What were its costs (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owners’ risk is limited (d) run by directors
8. 8.A small business sells 14 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) owners’ risk is limited
10. 10.A small business sells 10 handmade cards at ₹10 each. What is its revenue (in ₹)?
11. 11.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
13. 13.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
14. 14.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
15. 15.A small business selling clay diyas had a revenue of ₹170 and a profit of ₹40. What were its costs (in ₹)?
16. 16.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
17. 17.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) owned by shareholders
18. 18.True or false: “one owner runs it” is true of a company. (a) False (b) True
19. 19.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) a separate legal body
20. 20.True or false: “simplest to start” is true of a company. (a) False (b) True
21. 21.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) simplest to start (d) owner keeps all profit
22. 22.A small business selling jute bags had a revenue of ₹1120 and a profit of ₹900. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
24. 24.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
25. 25.A small business sells 11 fruit cups at ₹25 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
27. 27.A small business sells 59 clay diyas at ₹40 each. Its costs are ₹940. What is its profit (in ₹)?
28. 28.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
29. 29.A small business sells 16 friendship bands at ₹10 each. What is its revenue (in ₹)?
30. 30.A small business sells 40 cupcakes at ₹20 each. Its costs are ₹670. What is its profit (in ₹)?
31. 31.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
32. 32.A small business sells 42 fruit cups at ₹35 each. Its costs are ₹70. What is its profit (in ₹)?
33. 33.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
34. 34.A small business sells 34 friendship bands at ₹25 each. What is its revenue (in ₹)?
35. 35.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
36. 36.A small business selling cups of lemonade had a revenue of ₹145 and a profit of ₹115. What were its costs (in ₹)?
37. 37.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
38. 38.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
39. 39.A small business sells 19 handmade cards at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
40. 40.A small business sells 15 glasses of chai at ₹20 each. What is its revenue (in ₹)?

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