Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 125 · 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.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
2. 2.A small business sells 32 potted plants at ₹15 each. Its costs are ₹420. What is its profit (in ₹)?
3. 3.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) a separate legal body (d) run by directors
4. 4.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) run by directors
5. 5.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
6. 6.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.A small business selling friendship bands had a revenue of ₹125 and a profit of ₹55. What were its costs (in ₹)?
9. 9.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
10. 10.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
11. 11.A small business sells 56 cupcakes at ₹20 each. Its costs are ₹940. What is its profit (in ₹)?
12. 12.A small business selling painted pebbles had a revenue of ₹580 and a profit of ₹480. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.A small business sells 51 potted plants at ₹20 each. Its costs are ₹340. What is its profit (in ₹)?
15. 15.A small business sells 16 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) simplest to start
17. 17.A small business sells 18 handmade cards at ₹10 each. What is its revenue (in ₹)?
18. 18.A small business sells 11 glasses of chai at ₹45 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
21. 21.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
22. 22.A small business selling jute bags had a revenue of ₹840 and a profit of ₹510. What were its costs (in ₹)?
23. 23.True or false: “owner owes the debts” is true of a company. (a) False (b) True
24. 24.True or false: “one owner runs it” is true of a company. (a) True (b) False
25. 25.A small business selling cups of lemonade had a revenue of ₹1100 and a profit of ₹1040. What were its costs (in ₹)?
26. 26.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
27. 27.🎂 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
28. 28.A small business sells 56 jute bags at ₹25 each. Its costs are ₹1340. What is its profit (in ₹)?
29. 29.A small business sells 42 glasses of chai at ₹25 each. Its costs are ₹790. What is its profit (in ₹)?
30. 30.True or false: “owned by shareholders” is true of a company. (a) True (b) False
31. 31.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
32. 32.A small business sells 35 clay diyas at ₹40 each. Its costs are ₹30. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
34. 34.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
35. 35.True or false: “run by directors” is true of a company. (a) False (b) True
36. 36.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
37. 37.A small business selling clay diyas had a revenue of ₹1380 and a profit of ₹670. What were its costs (in ₹)?
38. 38.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
39. 39.A small business sells 18 clay diyas at ₹10 each. What is its revenue (in ₹)?
40. 40.A small business sells 57 fruit cups at ₹30 each. What is its revenue (in ₹)?

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