Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 338 · 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.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) a separate legal body
2. 2.A small business sells 17 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
3. 3.A small business selling paper bookmarks had a revenue of ₹455 and a profit of ₹285. What were its costs (in ₹)?
4. 4.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
5. 5.A small business sells 59 potted plants at ₹25 each. Its costs are ₹810. What is its profit (in ₹)?
6. 6.A small business sells 38 glasses of chai at ₹20 each. What is its revenue (in ₹)?
7. 7.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
8. 8.A small business selling fruit cups had a revenue of ₹2520 and a profit of ₹1940. What were its costs (in ₹)?
9. 9.A small business sells 18 clay diyas at ₹45 each. Its costs are ₹160. What is its profit (in ₹)?
10. 10.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
11. 11.A small business sells 19 painted pebbles at ₹50 each. Its costs are ₹70. What is its profit (in ₹)?
12. 12.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
13. 13.True or false: “run by directors” is true of a company. (a) True (b) False
14. 14.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
15. 15.True or false: “one owner runs it” is true of a company. (a) False (b) True
16. 16.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) simplest to start
17. 17.A small business selling bags of popcorn had a revenue of ₹620 and a profit of ₹540. What were its costs (in ₹)?
18. 18.🎂 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
19. 19.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
20. 20.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
21. 21.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) owner keeps all profit
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
24. 24.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
25. 25.A small business sells 58 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
26. 26.A small business sells 35 clay diyas at ₹35 each. What is its revenue (in ₹)?
27. 27.A small business sells 53 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
29. 29.A small business sells 18 friendship bands at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
30. 30.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
31. 31.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
32. 32.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
33. 33.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner owes the debts
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
35. 35.A small business sells 60 clay diyas at ₹5 each. What is its revenue (in ₹)?
36. 36.A small business selling glasses of chai had a revenue of ₹540 and a profit of ₹340. What were its costs (in ₹)?
37. 37.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
38. 38.A small business sells 36 glasses of chai at ₹40 each. What is its revenue (in ₹)?
39. 39.A small business sells 59 painted pebbles at ₹40 each. What is its revenue (in ₹)?
40. 40.A small business sells 40 jute bags at ₹45 each. What is its revenue (in ₹)?

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