Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 190 · 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: owned by shareholders? (a) a sole trader (b) a company
2. 2.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
3. 3.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
4. 4.A small business sells 18 clay diyas at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
5. 5.A small business sells 32 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
6. 6.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
7. 7.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) run by directors
10. 10.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
11. 11.A small business sells 18 bags of popcorn at ₹40 each. Its costs are ₹620. What is its profit (in ₹)?
12. 12.A small business selling glasses of chai had a revenue of ₹1715 and a profit of ₹15. What were its costs (in ₹)?
13. 13.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
14. 14.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
15. 15.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
17. 17.A small business sells 13 jute bags at ₹20 each. What is its revenue (in ₹)?
18. 18.True or false: “owner owes the debts” is true of a company. (a) False (b) True
19. 19.A small business sells 49 painted pebbles at ₹50 each. What is its revenue (in ₹)?
20. 20.A small business sells 36 painted pebbles at ₹30 each. What is its revenue (in ₹)?
21. 21.A small business sells 11 clay diyas at ₹25 each. What is its revenue (in ₹)?
22. 22.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
23. 23.True or false: “run by directors” is true of a sole trader. (a) False (b) True
24. 24.True or false: “owned by shareholders” is true of a company. (a) False (b) True
25. 25.A small business selling cups of lemonade had a revenue of ₹255 and a profit of ₹215. What were its costs (in ₹)?
26. 26.A small business sells 51 friendship bands at ₹45 each. Its costs are ₹680. What is its profit (in ₹)?
27. 27.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) one owner runs it (d) owner keeps all profit
28. 28.A small business sells 14 jute bags at ₹20 each. What is its revenue (in ₹)?
29. 29.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
30. 30.A small business sells 33 clay diyas at ₹10 each. Its costs are ₹160. What is its profit (in ₹)?
31. 31.A small business sells 26 jute bags at ₹40 each. What is its revenue (in ₹)?
32. 32.A small business sells 59 jute bags at ₹45 each. Its costs are ₹1140. What is its profit (in ₹)?
33. 33.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
34. 34.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
35. 35.A small business selling cupcakes had a revenue of ₹660 and a profit of ₹450. What were its costs (in ₹)?
36. 36.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
37. 37.A small business sells 12 painted pebbles at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
38. 38.A small business sells 27 handmade cards at ₹30 each. What is its revenue (in ₹)?
39. 39.A small business sells 14 clay diyas at ₹25 each. Its costs are ₹80. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader

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