Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 798 · 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 35 clay diyas at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
2. 2.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
3. 3.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
4. 4.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) simplest to start (d) owned by shareholders
5. 5.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
7. 7.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
8. 8.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
9. 9.A small business selling jute bags had a revenue of ₹400 and a profit of ₹190. What were its costs (in ₹)?
10. 10.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
13. 13.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
14. 14.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
15. 15.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
16. 16.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
17. 17.A small business selling friendship bands had a revenue of ₹555 and a profit of ₹445. What were its costs (in ₹)?
18. 18.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
19. 19.A small business selling jute bags had a revenue of ₹1280 and a profit of ₹140. What were its costs (in ₹)?
20. 20.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
21. 21.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
22. 22.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
23. 23.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
24. 24.A small business sells 28 handmade cards at ₹15 each. Its costs are ₹270. What is its profit (in ₹)?
25. 25.A small business sells 15 friendship bands at ₹50 each. What is its revenue (in ₹)?
26. 26.A small business selling friendship bands had a revenue of ₹1365 and a profit of ₹1335. What were its costs (in ₹)?
27. 27.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
28. 28.True or false: “owner owes the debts” is true of a company. (a) True (b) False
29. 29.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
30. 30.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
31. 31.A small business sells 60 handmade cards at ₹20 each. Its costs are ₹1090. What is its profit (in ₹)?
32. 32.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
33. 33.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
34. 34.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
35. 35.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
36. 36.A small business sells 57 potted plants at ₹30 each. What is its revenue (in ₹)?
37. 37.A small business selling friendship bands had a revenue of ₹400 and a profit of ₹160. What were its costs (in ₹)?
38. 38.A small business sells 32 cupcakes at ₹10 each. What is its revenue (in ₹)?
39. 39.True or false: “run by directors” is true of a company. (a) True (b) False
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company

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