Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 189 · 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.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
2. 2.📜 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
3. 3.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
4. 4.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
5. 5.True or false: “simplest to start” is true of a company. (a) True (b) False
6. 6.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
7. 7.A small business sells 48 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) one owner runs it (d) a separate legal body
9. 9.A small business selling friendship bands had a revenue of ₹1680 and a profit of ₹160. What were its costs (in ₹)?
10. 10.A small business sells 11 handmade cards at ₹20 each. Its costs are ₹30. What is its profit (in ₹)?
11. 11.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) owner owes the debts
12. 12.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
13. 13.A small business sells 27 glasses of chai at ₹25 each. What is its revenue (in ₹)?
14. 14.A small business selling potted plants had a revenue of ₹240 and a profit of ₹100. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
16. 16.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
17. 17.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
18. 18.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) simplest to start (d) owner owes the debts
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
20. 20.A small business sells 20 handmade cards at ₹45 each. Its costs are ₹810. What is its profit (in ₹)?
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
22. 22.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
23. 23.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) simplest to start
24. 24.A small business selling cups of lemonade had a revenue of ₹1890 and a profit of ₹940. What were its costs (in ₹)?
25. 25.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
26. 26.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
27. 27.A small business sells 51 handmade cards at ₹5 each. Its costs are ₹150. What is its profit (in ₹)?
28. 28.A small business selling handmade cards had a revenue of ₹1180 and a profit of ₹970. What were its costs (in ₹)?
29. 29.True or false: “one owner runs it” is true of a company. (a) False (b) True
30. 30.A small business sells 43 potted plants at ₹15 each. Its costs are ₹550. What is its profit (in ₹)?
31. 31.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
32. 32.A small business sells 15 cupcakes at ₹40 each. Its costs are ₹490. What is its profit (in ₹)?
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.A small business selling clay diyas had a revenue of ₹340 and a profit of ₹310. What were its costs (in ₹)?
35. 35.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
37. 37.A small business sells 28 bags of popcorn at ₹25 each. Its costs are ₹410. What is its profit (in ₹)?
38. 38.A small business sells 45 fruit cups at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
39. 39.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
40. 40.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True

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