Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 255 · 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 56 handmade cards at ₹10 each. Its costs are ₹460. What is its profit (in ₹)?
2. 2.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
3. 3.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
4. 4.True or false: “a separate legal body” is true of a company. (a) True (b) False
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.A small business sells 41 jute bags at ₹35 each. Its costs are ₹1350. What is its profit (in ₹)?
7. 7.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
9. 9.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
10. 10.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
11. 11.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
12. 12.A small business selling handmade cards had a revenue of ₹520 and a profit of ₹180. What were its costs (in ₹)?
13. 13.A small business sells 16 fruit cups at ₹15 each. What is its revenue (in ₹)?
14. 14.A small business sells 60 glasses of chai at ₹30 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
16. 16.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
17. 17.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
18. 18.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
19. 19.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owned by shareholders
20. 20.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) simplest to start (d) one owner runs it
21. 21.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.True or false: “run by directors” is true of a sole trader. (a) False (b) True
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) a separate legal body
27. 27.A small business sells 10 handmade cards at ₹20 each. Its costs are ₹30. What is its profit (in ₹)?
28. 28.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
29. 29.A small business sells 24 jute bags at ₹15 each. What is its revenue (in ₹)?
30. 30.A small business sells 56 fruit cups at ₹25 each. Its costs are ₹900. What is its profit (in ₹)?
31. 31.A small business sells 48 friendship bands at ₹15 each. What is its revenue (in ₹)?
32. 32.True or false: “owner owes the debts” is true of a company. (a) False (b) True
33. 33.A small business sells 10 paper bookmarks at ₹15 each. Its costs are ₹70. What is its profit (in ₹)?
34. 34.True or false: “run by directors” is true of a company. (a) False (b) True
35. 35.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
36. 36.A small business sells 19 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
37. 37.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
38. 38.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
40. 40.A small business sells 53 bags of popcorn at ₹25 each. What is its revenue (in ₹)?

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