Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 153 · 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 company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
2. 2.A small business sells 21 cupcakes at ₹5 each. What is its revenue (in ₹)?
3. 3.A small business sells 17 jute bags at ₹25 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
5. 5.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
6. 6.A small business selling friendship bands had a revenue of ₹420 and a profit of ₹360. What were its costs (in ₹)?
7. 7.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) simplest to start
8. 8.A small business sells 21 cups of lemonade at ₹20 each. Its costs are ₹200. What is its profit (in ₹)?
9. 9.A small business selling cups of lemonade had a revenue of ₹855 and a profit of ₹215. What were its costs (in ₹)?
10. 10.A small business sells 23 handmade cards at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
11. 11.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
12. 12.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) run by directors (d) owner keeps all profit
13. 13.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) owners’ risk is limited
14. 14.A small business sells 21 handmade cards at ₹45 each. What is its revenue (in ₹)?
15. 15.A small business sells 46 handmade cards at ₹10 each. Its costs are ₹430. What is its profit (in ₹)?
16. 16.A small business selling friendship bands had a revenue of ₹460 and a profit of ₹240. What were its costs (in ₹)?
17. 17.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owned by shareholders
18. 18.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
19. 19.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
20. 20.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
21. 21.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
22. 22.True or false: “run by directors” is true of a company. (a) False (b) True
23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
24. 24.A small business selling cups of lemonade had a revenue of ₹450 and a profit of ₹20. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
26. 26.A small business sells 55 jute bags at ₹5 each. What is its revenue (in ₹)?
27. 27.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
28. 28.A small business selling cupcakes had a revenue of ₹1080 and a profit of ₹310. What were its costs (in ₹)?
29. 29.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
30. 30.A small business selling fruit cups had a revenue of ₹750 and a profit of ₹230. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
32. 32.A small business sells 22 clay diyas at ₹20 each. What is its revenue (in ₹)?
33. 33.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
34. 34.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) simplest to start
37. 37.A small business sells 49 fruit cups at ₹45 each. Its costs are ₹1570. What is its profit (in ₹)?
38. 38.A small business sells 19 potted plants at ₹25 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
40. 40.A small business sells 16 glasses of chai at ₹35 each. Its costs are ₹520. What is its profit (in ₹)?

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