Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 141 · 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: “run by directors” is true of a sole trader. (a) True (b) False
2. 2.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owners’ risk is limited (d) owned by shareholders
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.A small business sells 24 handmade cards at ₹20 each. Its costs are ₹380. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
9. 9.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) simplest to start
11. 11.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) owned by shareholders
13. 13.A small business sells 37 cupcakes at ₹15 each. What is its revenue (in ₹)?
14. 14.A small business selling clay diyas had a revenue of ₹480 and a profit of ₹180. What were its costs (in ₹)?
15. 15.A small business sells 17 clay diyas at ₹35 each. What is its revenue (in ₹)?
16. 16.A small business sells 37 handmade cards at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
17. 17.A small business sells 48 bags of popcorn at ₹40 each. Its costs are ₹1350. What is its profit (in ₹)?
18. 18.A small business selling potted plants had a revenue of ₹340 and a profit of ₹280. What were its costs (in ₹)?
19. 19.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
20. 20.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
21. 21.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
22. 22.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
23. 23.A small business sells 34 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
24. 24.A small business selling handmade cards had a revenue of ₹1770 and a profit of ₹1300. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
26. 26.True or false: “one owner runs it” is true of a company. (a) True (b) False
27. 27.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) owners’ risk is limited
28. 28.A small business selling cupcakes had a revenue of ₹750 and a profit of ₹180. What were its costs (in ₹)?
29. 29.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
30. 30.True or false: “run by directors” is true of a company. (a) True (b) False
31. 31.A small business selling potted plants had a revenue of ₹500 and a profit of ₹400. What were its costs (in ₹)?
32. 32.A small business selling clay diyas had a revenue of ₹1960 and a profit of ₹800. What were its costs (in ₹)?
33. 33.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) run by directors (d) owner owes the debts
34. 34.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
35. 35.A small business sells 31 handmade cards at ₹30 each. What is its revenue (in ₹)?
36. 36.A small business sells 14 fruit cups at ₹15 each. What is its revenue (in ₹)?
37. 37.A small business sells 30 paper bookmarks at ₹35 each. Its costs are ₹790. What is its profit (in ₹)?
38. 38.A small business selling paper bookmarks had a revenue of ₹2050 and a profit of ₹510. What were its costs (in ₹)?
39. 39.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
40. 40.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) one owner runs it

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