Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 332 · 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 selling cups of lemonade had a revenue of ₹1000 and a profit of ₹270. What were its costs (in ₹)?
2. 2.True or false: “owned by shareholders” is true of a company. (a) True (b) False
3. 3.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
4. 4.True or false: “one owner runs it” is true of a company. (a) False (b) True
5. 5.A small business sells 10 handmade cards at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
6. 6.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) simplest to start
7. 7.A small business selling clay diyas had a revenue of ₹205 and a profit of ₹185. What were its costs (in ₹)?
8. 8.A small business sells 45 painted pebbles at ₹10 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) owned by shareholders
10. 10.A small business sells 45 clay diyas at ₹35 each. Its costs are ₹1100. What is its profit (in ₹)?
11. 11.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) run by directors
12. 12.A small business sells 36 jute bags at ₹5 each. What is its revenue (in ₹)?
13. 13.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
14. 14.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
15. 15.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
16. 16.True or false: “owner owes the debts” is true of a company. (a) False (b) True
17. 17.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
18. 18.A small business selling paper bookmarks had a revenue of ₹1080 and a profit of ₹260. What were its costs (in ₹)?
19. 19.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
20. 20.A small business selling jute bags had a revenue of ₹1075 and a profit of ₹135. What were its costs (in ₹)?
21. 21.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
22. 22.A small business sells 18 potted plants at ₹35 each. Its costs are ₹330. What is its profit (in ₹)?
23. 23.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
24. 24.True or false: “run by directors” is true of a company. (a) True (b) False
25. 25.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
26. 26.A small business selling fruit cups had a revenue of ₹450 and a profit of ₹80. What were its costs (in ₹)?
27. 27.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
28. 28.A small business sells 27 clay diyas at ₹30 each. What is its revenue (in ₹)?
29. 29.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
32. 32.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
33. 33.A small business selling paper bookmarks had a revenue of ₹510 and a profit of ₹460. What were its costs (in ₹)?
34. 34.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
35. 35.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner owes the debts (d) owners’ risk is limited
36. 36.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
37. 37.A small business sells 16 painted pebbles at ₹20 each. Its costs are ₹40. What is its profit (in ₹)?
38. 38.A small business sells 49 friendship bands at ₹45 each. What is its revenue (in ₹)?
39. 39.A small business sells 58 cups of lemonade at ₹20 each. Its costs are ₹260. What is its profit (in ₹)?
40. 40.A small business sells 18 paper bookmarks at ₹50 each. Its costs are ₹410. What is its profit (in ₹)?

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