Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 228 · 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.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
2. 2.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
3. 3.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owners’ risk is limited (d) owner owes the debts
4. 4.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
5. 5.True or false: “owned by shareholders” is true of a company. (a) True (b) False
6. 6.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
7. 7.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
8. 8.A small business sells 20 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
9. 9.A small business selling jute bags had a revenue of ₹960 and a profit of ₹880. What were its costs (in ₹)?
10. 10.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) run by directors
11. 11.A small business sells 34 glasses of chai at ₹10 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
13. 13.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
15. 15.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
16. 16.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owners’ risk is limited
17. 17.A small business sells 43 fruit cups at ₹15 each. What is its revenue (in ₹)?
18. 18.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
19. 19.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
20. 20.A small business sells 14 handmade cards at ₹45 each. What is its revenue (in ₹)?
21. 21.A small business sells 55 handmade cards at ₹25 each. Its costs are ₹120. What is its profit (in ₹)?
22. 22.A small business sells 24 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
23. 23.A small business selling paper bookmarks had a revenue of ₹1125 and a profit of ₹985. What were its costs (in ₹)?
24. 24.A small business selling handmade cards had a revenue of ₹2280 and a profit of ₹2010. What were its costs (in ₹)?
25. 25.A small business sells 54 painted pebbles at ₹15 each. Its costs are ₹580. What is its profit (in ₹)?
26. 26.A small business sells 45 friendship bands at ₹5 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
28. 28.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
29. 29.A small business selling clay diyas had a revenue of ₹295 and a profit of ₹285. What were its costs (in ₹)?
30. 30.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
31. 31.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
32. 32.A small business selling painted pebbles had a revenue of ₹625 and a profit of ₹125. What were its costs (in ₹)?
33. 33.A small business sells 23 bags of popcorn at ₹15 each. Its costs are ₹150. What is its profit (in ₹)?
34. 34.A small business sells 57 cups of lemonade at ₹45 each. Its costs are ₹870. What is its profit (in ₹)?
35. 35.True or false: “one owner runs it” is true of a company. (a) True (b) False
36. 36.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
37. 37.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
38. 38.A small business sells 31 friendship bands at ₹25 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
40. 40.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always

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