Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 882 · 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 selling glasses of chai had a revenue of ₹2475 and a profit of ₹795. What were its costs (in ₹)?
2. 2.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
3. 3.True or false: “one owner runs it” is true of a company. (a) False (b) True
4. 4.A small business selling bags of popcorn had a revenue of ₹725 and a profit of ₹475. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owners’ risk is limited (d) a separate legal body
6. 6.A small business selling friendship bands had a revenue of ₹735 and a profit of ₹75. What were its costs (in ₹)?
7. 7.True or false: “run by directors” is true of a sole trader. (a) True (b) False
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
10. 10.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
11. 11.A small business selling cups of lemonade had a revenue of ₹280 and a profit of ₹90. What were its costs (in ₹)?
12. 12.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) one owner runs it
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owners’ risk is limited
14. 14.A small business sells 12 jute bags at ₹20 each. What is its revenue (in ₹)?
15. 15.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
16. 16.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
17. 17.A small business selling cups of lemonade had a revenue of ₹780 and a profit of ₹510. What were its costs (in ₹)?
18. 18.A small business sells 45 painted pebbles at ₹45 each. Its costs are ₹1310. What is its profit (in ₹)?
19. 19.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
20. 20.A small business selling paper bookmarks had a revenue of ₹450 and a profit of ₹420. What were its costs (in ₹)?
21. 21.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
22. 22.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
23. 23.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
24. 24.A small business sells 52 cups of lemonade at ₹15 each. Its costs are ₹440. What is its profit (in ₹)?
25. 25.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner keeps all profit (d) simplest to start
26. 26.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
27. 27.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
28. 28.A small business sells 55 glasses of chai at ₹15 each. Its costs are ₹800. What is its profit (in ₹)?
29. 29.A small business sells 43 handmade cards at ₹30 each. What is its revenue (in ₹)?
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
31. 31.A small business sells 30 bags of popcorn at ₹45 each. Its costs are ₹460. What is its profit (in ₹)?
32. 32.A small business sells 41 fruit cups at ₹25 each. Its costs are ₹200. What is its profit (in ₹)?
33. 33.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
34. 34.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
35. 35.A small business selling glasses of chai had a revenue of ₹1395 and a profit of ₹1055. What were its costs (in ₹)?
36. 36.A small business sells 20 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
37. 37.A small business sells 17 potted plants at ₹50 each. Its costs are ₹30. What is its profit (in ₹)?
38. 38.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
39. 39.📜 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
40. 40.A small business selling painted pebbles had a revenue of ₹900 and a profit of ₹800. What were its costs (in ₹)?

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