Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 106 · 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: all money from sales? (a) profit (b) revenue
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
3. 3.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
4. 4.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
5. 5.A small business selling painted pebbles had a revenue of ₹300 and a profit of ₹260. What were its costs (in ₹)?
6. 6.A small business selling jute bags had a revenue of ₹405 and a profit of ₹225. What were its costs (in ₹)?
7. 7.A small business sells 25 cupcakes at ₹15 each. Its costs are ₹230. What is its profit (in ₹)?
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) owners’ risk is limited
9. 9.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
10. 10.True or false: “one owner runs it” is true of a company. (a) False (b) True
11. 11.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
12. 12.A small business sells 31 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
14. 14.A small business sells 15 handmade cards at ₹20 each. Its costs are ₹280. What is its profit (in ₹)?
15. 15.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.A small business sells 23 fruit cups at ₹5 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owned by shareholders (d) run by directors
19. 19.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
20. 20.A small business sells 17 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
22. 22.A small business sells 55 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit
24. 24.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
25. 25.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
26. 26.A small business sells 54 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
27. 27.A small business selling jute bags had a revenue of ₹285 and a profit of ₹205. What were its costs (in ₹)?
28. 28.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
29. 29.A small business sells 20 painted pebbles at ₹20 each. Its costs are ₹290. What is its profit (in ₹)?
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) one owner runs it
32. 32.A small business sells 43 glasses of chai at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
33. 33.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
34. 34.A small business sells 38 cupcakes at ₹50 each. Its costs are ₹1500. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
36. 36.A small business sells 26 painted pebbles at ₹45 each. What is its revenue (in ₹)?
37. 37.A small business sells 17 painted pebbles at ₹30 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
39. 39.True or false: “a separate legal body” is true of a company. (a) False (b) True
40. 40.A small business sells 21 jute bags at ₹20 each. Its costs are ₹70. What is its profit (in ₹)?

Free entrepreneurship lessons, practice and worksheets at talentjr.in/entrepreneurship-for-kids