Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 308 · 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.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
2. 2.A small business selling cups of lemonade had a revenue of ₹190 and a profit of ₹140. What were its costs (in ₹)?
3. 3.A small business sells 21 friendship bands at ₹35 each. Its costs are ₹530. What is its profit (in ₹)?
4. 4.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner keeps all profit
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.A small business sells 16 jute bags at ₹20 each. Its costs are ₹220. What is its profit (in ₹)?
9. 9.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
10. 10.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
11. 11.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owned by shareholders
13. 13.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
14. 14.A small business selling cups of lemonade had a revenue of ₹1100 and a profit of ₹530. What were its costs (in ₹)?
15. 15.A small business sells 15 jute bags at ₹50 each. Its costs are ₹740. What is its profit (in ₹)?
16. 16.A small business sells 38 friendship bands at ₹10 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
18. 18.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
19. 19.A small business selling paper bookmarks had a revenue of ₹405 and a profit of ₹365. What were its costs (in ₹)?
20. 20.A small business sells 58 paper bookmarks at ₹45 each. Its costs are ₹1430. What is its profit (in ₹)?
21. 21.📜 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
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
24. 24.A small business sells 46 handmade cards at ₹40 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
26. 26.True or false: “run by directors” is true of a sole trader. (a) False (b) True
27. 27.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
28. 28.A small business sells 58 glasses of chai at ₹35 each. Its costs are ₹620. What is its profit (in ₹)?
29. 29.True or false: “owned by shareholders” is true of a company. (a) True (b) False
30. 30.A small business sells 15 handmade cards at ₹35 each. What is its revenue (in ₹)?
31. 31.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
32. 32.A small business selling potted plants had a revenue of ₹510 and a profit of ₹110. What were its costs (in ₹)?
33. 33.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
34. 34.A small business sells 12 painted pebbles at ₹20 each. Its costs are ₹120. What is its profit (in ₹)?
35. 35.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
36. 36.A small business sells 24 cups of lemonade at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
37. 37.A small business sells 34 handmade cards at ₹50 each. Its costs are ₹640. What is its profit (in ₹)?
38. 38.A small business sells 18 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
39. 39.A small business sells 40 fruit cups at ₹50 each. What is its revenue (in ₹)?
40. 40.A small business sells 35 painted pebbles at ₹20 each. What is its revenue (in ₹)?

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