Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 256 · 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.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.A small business sells 22 clay diyas at ₹45 each. Its costs are ₹880. What is its profit (in ₹)?
4. 4.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
5. 5.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
6. 6.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
7. 7.A small business sells 54 handmade cards at ₹10 each. Its costs are ₹180. What is its profit (in ₹)?
8. 8.A small business sells 50 glasses of chai at ₹50 each. Its costs are ₹560. What is its profit (in ₹)?
9. 9.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
10. 10.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
11. 11.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
12. 12.A small business sells 55 jute bags at ₹15 each. What is its revenue (in ₹)?
13. 13.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) simplest to start
14. 14.A small business sells 33 friendship bands at ₹20 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
16. 16.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
17. 17.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
18. 18.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) simplest to start (d) one owner runs it
19. 19.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
20. 20.True or false: “run by directors” is true of a company. (a) True (b) False
21. 21.A small business sells 27 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.A small business sells 56 potted plants at ₹35 each. Its costs are ₹1460. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner owes the debts
27. 27.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
28. 28.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
29. 29.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
30. 30.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
31. 31.A small business sells 49 jute bags at ₹15 each. Its costs are ₹270. What is its profit (in ₹)?
32. 32.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) run by directors (d) a separate legal body
33. 33.A small business selling clay diyas had a revenue of ₹1680 and a profit of ₹580. What were its costs (in ₹)?
34. 34.A small business sells 16 cups of lemonade at ₹40 each. Its costs are ₹630. What is its profit (in ₹)?
35. 35.A small business sells 49 handmade cards at ₹10 each. What is its revenue (in ₹)?
36. 36.A small business sells 28 potted plants at ₹40 each. What is its revenue (in ₹)?
37. 37.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
38. 38.True or false: “simplest to start” is true of a company. (a) True (b) False
39. 39.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
40. 40.A small business selling handmade cards had a revenue of ₹140 and a profit of ₹100. What were its costs (in ₹)?

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