Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 222 · 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 small business sells 24 friendship bands at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
2. 2.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
3. 3.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
4. 4.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
5. 5.A small business selling clay diyas had a revenue of ₹1375 and a profit of ₹1065. What were its costs (in ₹)?
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) one owner runs it
7. 7.A small business sells 13 painted pebbles at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
8. 8.A small business sells 27 jute bags at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
9. 9.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
10. 10.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
11. 11.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
12. 12.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
15. 15.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
16. 16.A small business selling friendship bands had a revenue of ₹280 and a profit of ₹150. What were its costs (in ₹)?
17. 17.A small business sells 59 cupcakes at ₹20 each. What is its revenue (in ₹)?
18. 18.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
19. 19.True or false: “owned by shareholders” is true of a company. (a) False (b) True
20. 20.A small business sells 40 fruit cups at ₹45 each. What is its revenue (in ₹)?
21. 21.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
22. 22.A small business sells 51 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
24. 24.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
25. 25.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
26. 26.A small business sells 30 glasses of chai at ₹25 each. What is its revenue (in ₹)?
27. 27.A small business sells 21 jute bags at ₹30 each. Its costs are ₹150. What is its profit (in ₹)?
28. 28.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
29. 29.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
30. 30.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
31. 31.A small business selling bags of popcorn had a revenue of ₹440 and a profit of ₹120. What were its costs (in ₹)?
32. 32.A small business sells 20 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
34. 34.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) owner owes the debts
35. 35.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
36. 36.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
37. 37.A small business sells 10 cupcakes at ₹30 each. What is its revenue (in ₹)?
38. 38.A small business selling potted plants had a revenue of ₹1200 and a profit of ₹360. What were its costs (in ₹)?
39. 39.A small business sells 30 glasses of chai at ₹35 each. What is its revenue (in ₹)?
40. 40.A small business sells 27 cups of lemonade at ₹40 each. Its costs are ₹250. What is its profit (in ₹)?

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