Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 364 · 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 sells 46 cups of lemonade at ₹15 each. Its costs are ₹630. What is its profit (in ₹)?
2. 2.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner owes the debts
3. 3.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
4. 4.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
5. 5.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
6. 6.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
7. 7.A small business sells 41 potted plants at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
8. 8.A small business sells 13 jute bags at ₹40 each. What is its revenue (in ₹)?
9. 9.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
10. 10.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
11. 11.A small business sells 38 clay diyas at ₹35 each. What is its revenue (in ₹)?
12. 12.A small business sells 19 potted plants at ₹15 each. What is its revenue (in ₹)?
13. 13.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) owners’ risk is limited
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
15. 15.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) owner owes the debts
17. 17.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
18. 18.A small business sells 44 handmade cards at ₹40 each. Its costs are ₹530. What is its profit (in ₹)?
19. 19.A small business selling paper bookmarks had a revenue of ₹1650 and a profit of ₹1170. What were its costs (in ₹)?
20. 20.A small business sells 42 glasses of chai at ₹35 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) a separate legal body
22. 22.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
23. 23.A small business selling paper bookmarks had a revenue of ₹1200 and a profit of ₹50. What were its costs (in ₹)?
24. 24.True or false: “owned by shareholders” is true of a company. (a) True (b) False
25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
26. 26.A small business sells 31 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
27. 27.A small business selling bags of popcorn had a revenue of ₹1140 and a profit of ₹550. What were its costs (in ₹)?
28. 28.A small business sells 55 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
29. 29.A small business sells 36 clay diyas at ₹50 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
31. 31.A small business sells 56 clay diyas at ₹25 each. Its costs are ₹300. What is its profit (in ₹)?
32. 32.A small business selling jute bags had a revenue of ₹2900 and a profit of ₹2410. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
34. 34.A small business selling bags of popcorn had a revenue of ₹1800 and a profit of ₹1710. What were its costs (in ₹)?
35. 35.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
36. 36.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
37. 37.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) simplest to start (d) one owner runs it
38. 38.A small business selling paper bookmarks had a revenue of ₹2115 and a profit of ₹1985. What were its costs (in ₹)?
39. 39.True or false: “owner owes the debts” is true of a company. (a) True (b) False
40. 40.A small business sells 56 jute bags at ₹50 each. What is its revenue (in ₹)?

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