Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 363 · 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 company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
2. 2.A small business selling cupcakes had a revenue of ₹100 and a profit of ₹70. What were its costs (in ₹)?
3. 3.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
4. 4.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
5. 5.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) a separate legal body
6. 6.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
9. 9.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
10. 10.A small business sells 33 glasses of chai at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
11. 11.True or false: “owner owes the debts” is true of a company. (a) False (b) True
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
13. 13.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
14. 14.A small business sells 22 handmade cards at ₹35 each. Its costs are ₹620. What is its profit (in ₹)?
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
17. 17.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
18. 18.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
19. 19.A small business selling paper bookmarks had a revenue of ₹795 and a profit of ₹225. What were its costs (in ₹)?
20. 20.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
21. 21.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
22. 22.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
23. 23.A small business sells 60 handmade cards at ₹35 each. Its costs are ₹150. What is its profit (in ₹)?
24. 24.True or false: “one owner runs it” is true of a company. (a) False (b) True
25. 25.A small business selling cups of lemonade had a revenue of ₹660 and a profit of ₹310. What were its costs (in ₹)?
26. 26.A small business selling jute bags had a revenue of ₹2160 and a profit of ₹270. What were its costs (in ₹)?
27. 27.A small business sells 29 fruit cups at ₹40 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
29. 29.True or false: “owned by shareholders” is true of a company. (a) True (b) False
30. 30.A small business sells 47 glasses of chai at ₹5 each. What is its revenue (in ₹)?
31. 31.A small business selling handmade cards had a revenue of ₹1225 and a profit of ₹285. What were its costs (in ₹)?
32. 32.A small business sells 55 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
33. 33.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
34. 34.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
35. 35.A small business selling fruit cups had a revenue of ₹930 and a profit of ₹300. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
37. 37.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
38. 38.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) a separate legal body (d) owners’ risk is limited
39. 39.A small business selling glasses of chai had a revenue of ₹380 and a profit of ₹170. What were its costs (in ₹)?
40. 40.A small business selling jute bags had a revenue of ₹390 and a profit of ₹330. What were its costs (in ₹)?

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