Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 355 · 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.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
2. 2.A small business selling handmade cards had a revenue of ₹420 and a profit of ₹100. What were its costs (in ₹)?
3. 3.A small business sells 47 painted pebbles at ₹10 each. What is its revenue (in ₹)?
4. 4.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
7. 7.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
8. 8.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
9. 9.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
10. 10.A small business selling friendship bands had a revenue of ₹690 and a profit of ₹90. What were its costs (in ₹)?
11. 11.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
12. 12.A small business sells 11 cupcakes at ₹40 each. Its costs are ₹170. What is its profit (in ₹)?
13. 13.A small business selling handmade cards had a revenue of ₹850 and a profit of ₹830. What were its costs (in ₹)?
14. 14.A small business sells 43 fruit cups at ₹30 each. Its costs are ₹900. What is its profit (in ₹)?
15. 15.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owned by shareholders
16. 16.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
18. 18.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
19. 19.A small business sells 11 friendship bands at ₹25 each. What is its revenue (in ₹)?
20. 20.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
22. 22.A small business selling clay diyas had a revenue of ₹1935 and a profit of ₹545. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
24. 24.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) owners’ risk is limited
25. 25.A small business sells 15 glasses of chai at ₹15 each. What is its revenue (in ₹)?
26. 26.A small business sells 40 glasses of chai at ₹40 each. Its costs are ₹600. What is its profit (in ₹)?
27. 27.A small business sells 22 cupcakes at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
28. 28.A small business selling jute bags had a revenue of ₹280 and a profit of ₹60. What were its costs (in ₹)?
29. 29.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
30. 30.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
32. 32.A small business sells 31 handmade cards at ₹10 each. Its costs are ₹210. What is its profit (in ₹)?
33. 33.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) owner owes the debts (d) one owner runs it
34. 34.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
35. 35.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) simplest to start
36. 36.A small business sells 34 jute bags at ₹30 each. Its costs are ₹800. What is its profit (in ₹)?
37. 37.A small business sells 15 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
38. 38.A small business selling cups of lemonade had a revenue of ₹720 and a profit of ₹460. What were its costs (in ₹)?
39. 39.A small business selling cupcakes had a revenue of ₹400 and a profit of ₹270. What were its costs (in ₹)?
40. 40.A small business sells 52 jute bags at ₹25 each. Its costs are ₹400. What is its profit (in ₹)?

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