Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 968 · 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.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
2. 2.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
3. 3.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
4. 4.A small business sells 48 clay diyas at ₹35 each. What is its revenue (in ₹)?
5. 5.A small business sells 27 potted plants at ₹25 each. What is its revenue (in ₹)?
6. 6.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
7. 7.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
8. 8.A small business sells 49 jute bags at ₹5 each. Its costs are ₹220. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
10. 10.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
11. 11.A small business sells 24 painted pebbles at ₹10 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
13. 13.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
14. 14.A small business sells 56 glasses of chai at ₹50 each. Its costs are ₹1290. What is its profit (in ₹)?
15. 15.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
16. 16.A small business sells 24 clay diyas at ₹35 each. What is its revenue (in ₹)?
17. 17.True or false: “simplest to start” is true of a company. (a) True (b) False
18. 18.True or false: “one owner runs it” is true of a company. (a) False (b) True
19. 19.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
20. 20.A small business selling painted pebbles had a revenue of ₹1845 and a profit of ₹1485. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
22. 22.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
23. 23.A small business selling friendship bands had a revenue of ₹2025 and a profit of ₹955. What were its costs (in ₹)?
24. 24.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
25. 25.A small business sells 57 jute bags at ₹35 each. Its costs are ₹80. What is its profit (in ₹)?
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
27. 27.A small business sells 28 clay diyas at ₹15 each. Its costs are ₹170. What is its profit (in ₹)?
28. 28.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) owner keeps all profit (d) one owner runs it
29. 29.A small business selling jute bags had a revenue of ₹850 and a profit of ₹480. What were its costs (in ₹)?
30. 30.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
31. 31.A small business selling handmade cards had a revenue of ₹180 and a profit of ₹90. What were its costs (in ₹)?
32. 32.A small business sells 10 handmade cards at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
33. 33.A small business sells 29 cups of lemonade at ₹15 each. Its costs are ₹170. What is its profit (in ₹)?
34. 34.A small business sells 48 painted pebbles at ₹40 each. What is its revenue (in ₹)?
35. 35.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) owned by shareholders
36. 36.A small business selling clay diyas had a revenue of ₹210 and a profit of ₹150. What were its costs (in ₹)?
37. 37.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
38. 38.True or false: “a separate legal body” is true of a company. (a) False (b) True
39. 39.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) one owner runs it (d) owner keeps all profit
40. 40.A small business sells 36 clay diyas at ₹15 each. What is its revenue (in ₹)?

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