Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 37 · 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.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
3. 3.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
4. 4.A small business selling clay diyas had a revenue of ₹920 and a profit of ₹300. What were its costs (in ₹)?
5. 5.A small business sells 27 paper bookmarks at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
6. 6.A small business sells 45 friendship bands at ₹15 each. Its costs are ₹620. What is its profit (in ₹)?
7. 7.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) owners’ risk is limited
8. 8.A small business sells 33 jute bags at ₹35 each. What is its revenue (in ₹)?
9. 9.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
10. 10.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
11. 11.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
12. 12.A small business sells 19 glasses of chai at ₹30 each. What is its revenue (in ₹)?
13. 13.A small business selling cups of lemonade had a revenue of ₹420 and a profit of ₹260. What were its costs (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.A small business selling jute bags had a revenue of ₹1240 and a profit of ₹270. What were its costs (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) one owner runs it (d) simplest to start
19. 19.A small business sells 56 cupcakes at ₹50 each. What is its revenue (in ₹)?
20. 20.A small business sells 22 jute bags at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
21. 21.True or false: “run by directors” is true of a sole trader. (a) True (b) False
22. 22.A small business sells 11 cupcakes at ₹35 each. Its costs are ₹60. What is its profit (in ₹)?
23. 23.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
24. 24.A small business selling painted pebbles had a revenue of ₹675 and a profit of ₹155. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
27. 27.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
28. 28.A small business selling fruit cups had a revenue of ₹885 and a profit of ₹635. What were its costs (in ₹)?
29. 29.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
30. 30.A small business sells 31 friendship bands at ₹10 each. What is its revenue (in ₹)?
31. 31.A small business sells 14 paper bookmarks at ₹20 each. Its costs are ₹140. What is its profit (in ₹)?
32. 32.A small business selling paper bookmarks had a revenue of ₹570 and a profit of ₹480. What were its costs (in ₹)?
33. 33.A small business selling cups of lemonade had a revenue of ₹1350 and a profit of ₹100. What were its costs (in ₹)?
34. 34.A small business sells 10 painted pebbles at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
35. 35.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
36. 36.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owners’ risk is limited
37. 37.A small business sells 45 cups of lemonade at ₹35 each. Its costs are ₹200. What is its profit (in ₹)?
38. 38.A small business sells 17 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) owned by shareholders
40. 40.True or false: “simplest to start” is true of a sole trader. (a) True (b) False

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