Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 970 · 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 bags of popcorn at ₹30 each. Its costs are ₹390. What is its profit (in ₹)?
2. 2.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
3. 3.True or false: “owner owes the debts” is true of a company. (a) False (b) True
4. 4.A small business sells 25 jute bags at ₹5 each. What is its revenue (in ₹)?
5. 5.True or false: “one owner runs it” is true of a company. (a) True (b) False
6. 6.True or false: “simplest to start” is true of a company. (a) True (b) False
7. 7.A small business sells 43 friendship bands at ₹40 each. Its costs are ₹1600. What is its profit (in ₹)?
8. 8.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
9. 9.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
10. 10.A small business selling cups of lemonade had a revenue of ₹705 and a profit of ₹165. What were its costs (in ₹)?
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
12. 12.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
13. 13.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) run by directors
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
16. 16.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
17. 17.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
18. 18.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
19. 19.A small business sells 20 jute bags at ₹15 each. What is its revenue (in ₹)?
20. 20.A small business sells 43 handmade cards at ₹20 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
22. 22.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
24. 24.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
25. 25.A small business sells 19 glasses of chai at ₹10 each. What is its revenue (in ₹)?
26. 26.A small business selling clay diyas had a revenue of ₹850 and a profit of ₹240. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
28. 28.A small business selling glasses of chai had a revenue of ₹1190 and a profit of ₹1160. What were its costs (in ₹)?
29. 29.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
30. 30.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
32. 32.A small business selling fruit cups had a revenue of ₹2450 and a profit of ₹330. What were its costs (in ₹)?
33. 33.A small business sells 50 fruit cups at ₹30 each. What is its revenue (in ₹)?
34. 34.A small business sells 24 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
36. 36.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
37. 37.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
38. 38.A small business sells 31 clay diyas at ₹25 each. What is its revenue (in ₹)?
39. 39.A small business selling jute bags had a revenue of ₹2500 and a profit of ₹660. What were its costs (in ₹)?
40. 40.A small business selling handmade cards had a revenue of ₹580 and a profit of ₹90. What were its costs (in ₹)?

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