Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 185 · 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.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
2. 2.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
3. 3.A small business sells 42 jute bags at ₹45 each. Its costs are ₹1690. What is its profit (in ₹)?
4. 4.A small business sells 20 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
5. 5.A small business selling handmade cards had a revenue of ₹760 and a profit of ₹700. What were its costs (in ₹)?
6. 6.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
7. 7.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
8. 8.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
9. 9.A small business selling bags of popcorn had a revenue of ₹1000 and a profit of ₹970. What were its costs (in ₹)?
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
11. 11.A small business selling glasses of chai had a revenue of ₹185 and a profit of ₹95. What were its costs (in ₹)?
12. 12.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
13. 13.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
14. 14.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) run by directors (d) owned by shareholders
16. 16.A small business sells 16 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
17. 17.A small business sells 36 cupcakes at ₹40 each. What is its revenue (in ₹)?
18. 18.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
19. 19.A small business selling paper bookmarks had a revenue of ₹550 and a profit of ₹460. What were its costs (in ₹)?
20. 20.A small business sells 60 glasses of chai at ₹20 each. Its costs are ₹1190. What is its profit (in ₹)?
21. 21.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
22. 22.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
23. 23.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
25. 25.A small business sells 56 paper bookmarks at ₹25 each. Its costs are ₹240. What is its profit (in ₹)?
26. 26.A small business sells 53 handmade cards at ₹5 each. What is its revenue (in ₹)?
27. 27.A small business sells 33 fruit cups at ₹20 each. Its costs are ₹350. What is its profit (in ₹)?
28. 28.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
29. 29.A small business sells 42 paper bookmarks at ₹15 each. Its costs are ₹510. What is its profit (in ₹)?
30. 30.True or false: “simplest to start” is true of a company. (a) False (b) True
31. 31.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
32. 32.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner keeps all profit
33. 33.A small business sells 28 cupcakes at ₹40 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) simplest to start
35. 35.True or false: “owner owes the debts” is true of a company. (a) True (b) False
36. 36.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
37. 37.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
38. 38.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
39. 39.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company

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