Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 129 · 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 selling glasses of chai had a revenue of ₹465 and a profit of ₹445. What were its costs (in ₹)?
2. 2.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) a separate legal body
3. 3.A small business sells 40 handmade cards at ₹45 each. Its costs are ₹1540. What is its profit (in ₹)?
4. 4.A small business selling cupcakes had a revenue of ₹1300 and a profit of ₹1200. What were its costs (in ₹)?
5. 5.A small business selling bags of popcorn had a revenue of ₹855 and a profit of ₹165. What were its costs (in ₹)?
6. 6.True or false: “a separate legal body” is true of a company. (a) False (b) True
7. 7.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) one owner runs it (d) owner keeps all profit
8. 8.A small business sells 23 potted plants at ₹25 each. Its costs are ₹500. What is its profit (in ₹)?
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
10. 10.A small business selling bags of popcorn had a revenue of ₹110 and a profit of ₹40. What were its costs (in ₹)?
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
12. 12.A small business sells 11 handmade cards at ₹10 each. What is its revenue (in ₹)?
13. 13.A small business selling cups of lemonade had a revenue of ₹330 and a profit of ₹40. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
16. 16.A small business sells 19 friendship bands at ₹20 each. Its costs are ₹110. What is its profit (in ₹)?
17. 17.A small business sells 53 handmade cards at ₹50 each. What is its revenue (in ₹)?
18. 18.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
19. 19.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) run by directors
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) owners’ risk is limited
21. 21.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
22. 22.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
23. 23.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
24. 24.A small business sells 48 handmade cards at ₹25 each. What is its revenue (in ₹)?
25. 25.A small business sells 37 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
26. 26.A small business selling fruit cups had a revenue of ₹2500 and a profit of ₹110. What were its costs (in ₹)?
27. 27.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
29. 29.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
30. 30.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) run by directors
31. 31.A small business sells 19 glasses of chai at ₹20 each. What is its revenue (in ₹)?
32. 32.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
33. 33.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
34. 34.A small business sells 23 glasses of chai at ₹40 each. What is its revenue (in ₹)?
35. 35.True or false: “run by directors” is true of a sole trader. (a) False (b) True
36. 36.A small business sells 43 glasses of chai at ₹35 each. Its costs are ₹1230. What is its profit (in ₹)?
37. 37.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
38. 38.A small business selling potted plants had a revenue of ₹165 and a profit of ₹35. What were its costs (in ₹)?
39. 39.A small business sells 53 cups of lemonade at ₹30 each. Its costs are ₹1160. What is its profit (in ₹)?
40. 40.A small business sells 22 potted plants at ₹15 each. Its costs are ₹260. What is its profit (in ₹)?

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