Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 99 · 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.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
2. 2.A small business selling clay diyas had a revenue of ₹1250 and a profit of ₹780. What were its costs (in ₹)?
3. 3.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
4. 4.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
5. 5.A small business sells 28 paper bookmarks at ₹45 each. Its costs are ₹90. What is its profit (in ₹)?
6. 6.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
7. 7.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
8. 8.A small business sells 19 potted plants at ₹40 each. Its costs are ₹320. What is its profit (in ₹)?
9. 9.A small business selling cups of lemonade had a revenue of ₹885 and a profit of ₹75. What were its costs (in ₹)?
10. 10.A small business sells 50 handmade cards at ₹25 each. Its costs are ₹440. What is its profit (in ₹)?
11. 11.A small business selling jute bags had a revenue of ₹920 and a profit of ₹780. What were its costs (in ₹)?
12. 12.A small business selling handmade cards had a revenue of ₹1320 and a profit of ₹1280. What were its costs (in ₹)?
13. 13.A small business sells 19 handmade cards at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
14. 14.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
15. 15.A small business sells 17 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
16. 16.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
17. 17.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) owner owes the debts
18. 18.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
19. 19.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
20. 20.A small business sells 26 friendship bands at ₹20 each. Its costs are ₹290. What is its profit (in ₹)?
21. 21.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) run by directors (d) a separate legal body
22. 22.A small business selling cups of lemonade had a revenue of ₹700 and a profit of ₹590. What were its costs (in ₹)?
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.True or false: “owner owes the debts” is true of a company. (a) True (b) False
25. 25.A small business sells 44 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
26. 26.True or false: “one owner runs it” is true of a company. (a) False (b) True
27. 27.A small business sells 23 handmade cards at ₹10 each. What is its revenue (in ₹)?
28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
32. 32.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner owes the debts (d) owner keeps all profit
33. 33.A small business sells 21 potted plants at ₹10 each. What is its revenue (in ₹)?
34. 34.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
35. 35.A small business selling cupcakes had a revenue of ₹1160 and a profit of ₹1020. What were its costs (in ₹)?
36. 36.True or false: “a separate legal body” is true of a company. (a) True (b) False
37. 37.A small business sells 26 paper bookmarks at ₹35 each. Its costs are ₹250. What is its profit (in ₹)?
38. 38.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
39. 39.A small business sells 41 handmade cards at ₹30 each. Its costs are ₹360. What is its profit (in ₹)?
40. 40.A small business sells 21 friendship bands at ₹15 each. Its costs are ₹120. What is its profit (in ₹)?

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