Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 301 · 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 14 cups of lemonade at ₹20 each. Its costs are ₹20. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
3. 3.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
4. 4.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
5. 5.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
6. 6.A small business sells 47 glasses of chai at ₹20 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) run by directors
8. 8.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
9. 9.True or false: “run by directors” is true of a sole trader. (a) True (b) False
10. 10.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
12. 12.True or false: “simplest to start” is true of a company. (a) False (b) True
13. 13.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
14. 14.A small business selling clay diyas had a revenue of ₹900 and a profit of ₹40. What were its costs (in ₹)?
15. 15.A small business sells 53 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owned by shareholders (d) a separate legal body
18. 18.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
19. 19.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
20. 20.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
21. 21.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
23. 23.A small business sells 14 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
24. 24.A small business sells 46 cupcakes at ₹10 each. What is its revenue (in ₹)?
25. 25.A small business sells 21 paper bookmarks at ₹30 each. Its costs are ₹400. What is its profit (in ₹)?
26. 26.A small business sells 28 painted pebbles at ₹45 each. What is its revenue (in ₹)?
27. 27.A small business sells 50 clay diyas at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
28. 28.True or false: “owned by shareholders” is true of a company. (a) True (b) False
29. 29.A small business selling fruit cups had a revenue of ₹725 and a profit of ₹155. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
31. 31.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
32. 32.A small business sells 23 cups of lemonade at ₹15 each. Its costs are ₹330. What is its profit (in ₹)?
33. 33.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
34. 34.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 29 handmade cards at ₹40 each. What is its revenue (in ₹)?
36. 36.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
37. 37.A small business sells 15 potted plants at ₹50 each. Its costs are ₹600. What is its profit (in ₹)?
38. 38.A small business sells 56 friendship bands at ₹40 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
40. 40.A small business selling painted pebbles had a revenue of ₹1260 and a profit of ₹250. What were its costs (in ₹)?

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