Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 274 · 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: all money from sales? (a) profit (b) revenue
2. 2.A small business sells 45 cupcakes at ₹35 each. What is its revenue (in ₹)?
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.True or false: “simplest to start” is true of a company. (a) True (b) False
6. 6.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
7. 7.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner keeps all profit (d) one owner runs it
8. 8.True or false: “owned by shareholders” is true of a company. (a) True (b) False
9. 9.A small business sells 47 handmade cards at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
10. 10.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.A small business sells 47 painted pebbles at ₹10 each. Its costs are ₹360. What is its profit (in ₹)?
15. 15.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
16. 16.A small business sells 25 glasses of chai at ₹15 each. Its costs are ₹170. What is its profit (in ₹)?
17. 17.A small business selling cups of lemonade had a revenue of ₹880 and a profit of ₹190. What were its costs (in ₹)?
18. 18.A small business sells 49 glasses of chai at ₹5 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
20. 20.A small business sells 22 fruit cups at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
21. 21.A small business selling fruit cups had a revenue of ₹225 and a profit of ₹185. What were its costs (in ₹)?
22. 22.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
23. 23.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
24. 24.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
25. 25.A small business sells 35 bags of popcorn at ₹40 each. Its costs are ₹1130. What is its profit (in ₹)?
26. 26.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
27. 27.A small business sells 30 paper bookmarks at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
28. 28.True or false: “a separate legal body” is true of a company. (a) False (b) True
29. 29.True or false: “one owner runs it” is true of a company. (a) False (b) True
30. 30.True or false: “run by directors” is true of a company. (a) False (b) True
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
32. 32.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
33. 33.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owned by shareholders (d) one owner runs it
34. 34.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
35. 35.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
36. 36.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
37. 37.A small business selling paper bookmarks had a revenue of ₹1300 and a profit of ₹1120. What were its costs (in ₹)?
38. 38.A small business sells 17 clay diyas at ₹40 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) owners’ risk is limited
40. 40.A small business sells 34 friendship bands at ₹5 each. What is its revenue (in ₹)?

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