Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 962 · 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 friendship bands had a revenue of ₹2385 and a profit of ₹1045. What were its costs (in ₹)?
2. 2.True or false: “run by directors” is true of a company. (a) False (b) True
3. 3.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
4. 4.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
5. 5.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) a separate legal body
7. 7.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
8. 8.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) run by directors
9. 9.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
10. 10.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owned by shareholders (d) a separate legal body
11. 11.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
12. 12.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
13. 13.True or false: “run by directors” is true of a sole trader. (a) True (b) False
14. 14.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
15. 15.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
16. 16.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
17. 17.A small business selling glasses of chai had a revenue of ₹270 and a profit of ₹80. What were its costs (in ₹)?
18. 18.🎂 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
19. 19.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
20. 20.True or false: “one owner runs it” is true of a company. (a) True (b) False
21. 21.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) run by directors (d) one owner runs it
22. 22.A small business sells 13 clay diyas at ₹25 each. Its costs are ₹40. What is its profit (in ₹)?
23. 23.A small business sells 30 glasses of chai at ₹45 each. Its costs are ₹180. What is its profit (in ₹)?
24. 24.A small business sells 43 paper bookmarks at ₹35 each. Its costs are ₹1050. What is its profit (in ₹)?
25. 25.A small business selling clay diyas had a revenue of ₹510 and a profit of ₹340. What were its costs (in ₹)?
26. 26.A small business sells 12 jute bags at ₹20 each. Its costs are ₹190. What is its profit (in ₹)?
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.A small business sells 44 jute bags at ₹20 each. What is its revenue (in ₹)?
29. 29.A small business selling cups of lemonade had a revenue of ₹600 and a profit of ₹440. What were its costs (in ₹)?
30. 30.A small business sells 49 jute bags at ₹35 each. Its costs are ₹1350. What is its profit (in ₹)?
31. 31.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
32. 32.A small business sells 39 painted pebbles at ₹35 each. What is its revenue (in ₹)?
33. 33.A small business sells 24 handmade cards at ₹15 each. Its costs are ₹280. What is its profit (in ₹)?
34. 34.A small business selling paper bookmarks had a revenue of ₹1475 and a profit of ₹625. What were its costs (in ₹)?
35. 35.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
36. 36.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
37. 37.A small business sells 53 jute bags at ₹45 each. Its costs are ₹1310. What is its profit (in ₹)?
38. 38.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
39. 39.A small business sells 20 clay diyas at ₹30 each. What is its revenue (in ₹)?
40. 40.A small business selling glasses of chai had a revenue of ₹1225 and a profit of ₹575. What were its costs (in ₹)?

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