← Business basics for teens lesson New set →

Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 293 · 40 questions
TalentJR

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.

NameDateTime takenScore ___ / 40
  1. 1.A small business selling paper bookmarks had a revenue of ₹200 and a profit of ₹110. What were its costs (in ₹)?
  2. 2.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  3. 3.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) owned by shareholders
  4. 4.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
  5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) one owner runs it (d) owned by shareholders
  6. 6.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
  7. 7.A small business sells 58 cups of lemonade at ₹25 each. Its costs are ₹1090. What is its profit (in ₹)?
  8. 8.A small business selling potted plants had a revenue of ₹170 and a profit of ₹130. What were its costs (in ₹)?
  9. 9.A small business sells 59 cupcakes at ₹35 each. Its costs are ₹1980. What is its profit (in ₹)?
  10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) run by directors
  11. 11.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  12. 12.A small business sells 20 cupcakes at ₹35 each. What is its revenue (in ₹)?
  13. 13.A small business sells 57 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
  14. 14.A small business selling glasses of chai had a revenue of ₹160 and a profit of ₹140. What were its costs (in ₹)?
  15. 15.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
  16. 16.True or false: “a separate legal body” is true of a company. (a) True (b) False
  17. 17.A small business sells 58 painted pebbles at ₹35 each. What is its revenue (in ₹)?
  18. 18.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  19. 19.True or false: “run by directors” is true of a sole trader. (a) True (b) False
  20. 20.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
  21. 21.A small business sells 20 glasses of chai at ₹30 each. What is its revenue (in ₹)?
  22. 22.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
  23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
  24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
  25. 25.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
  26. 26.A small business sells 56 cupcakes at ₹30 each. Its costs are ₹1160. What is its profit (in ₹)?
  27. 27.A small business sells 40 friendship bands at ₹5 each. What is its revenue (in ₹)?
  28. 28.True or false: “owned by shareholders” is true of a company. (a) True (b) False
  29. 29.A small business sells 19 jute bags at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
  30. 30.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
  31. 31.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
  32. 32.A small business selling cups of lemonade had a revenue of ₹600 and a profit of ₹90. What were its costs (in ₹)?
  33. 33.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) simplest to start
  34. 34.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
  35. 35.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
  36. 36.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
  37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
  38. 38.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) run by directors
  39. 39.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
  40. 40.A small business selling potted plants had a revenue of ₹120 and a profit of ₹110. What were its costs (in ₹)?

Answer key

  1. 90
  2. a sole trader
  3. owned by shareholders
  4. profit
  5. one owner runs it
  6. True
  7. 360
  8. 40
  9. 85
  10. owner owes the debts
  11. profit
  12. 700
  13. 1710
  14. 20
  15. its shareholders
  16. True
  17. 2030
  18. revenue
  19. False
  20. only with adult help
  21. 600
  22. profit
  23. a company
  24. revenue
  25. a one-owner business
  26. 520
  27. 200
  28. True
  29. 225
  30. revenue
  31. owner keeps all profit
  32. 510
  33. owners’ risk is limited
  34. a sole trader
  35. False
  36. a company
  37. True
  38. run by directors
  39. an adult or an expert
  40. 10

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