Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 378 · 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: run by directors? (a) a sole trader (b) a company
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
3. 3.True or false: “owner owes the debts” is true of a company. (a) False (b) True
4. 4.A small business selling potted plants had a revenue of ₹1850 and a profit of ₹1450. What were its costs (in ₹)?
5. 5.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
6. 6.A small business selling jute bags had a revenue of ₹310 and a profit of ₹30. What were its costs (in ₹)?
7. 7.A small business selling jute bags had a revenue of ₹810 and a profit of ₹250. What were its costs (in ₹)?
8. 8.A small business selling glasses of chai had a revenue of ₹525 and a profit of ₹435. What were its costs (in ₹)?
9. 9.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
10. 10.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
11. 11.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
12. 12.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) owned by shareholders
13. 13.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
14. 14.A small business sells 55 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
15. 15.A small business sells 20 cupcakes at ₹20 each. Its costs are ₹340. What is its profit (in ₹)?
16. 16.A small business sells 11 cupcakes at ₹30 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
18. 18.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
19. 19.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
20. 20.True or false: “run by directors” is true of a sole trader. (a) True (b) False
21. 21.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) run by directors (d) simplest to start
22. 22.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) owner owes the debts
23. 23.A small business sells 40 painted pebbles at ₹40 each. What is its revenue (in ₹)?
24. 24.A small business sells 22 glasses of chai at ₹40 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
26. 26.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
27. 27.A small business sells 51 paper bookmarks at ₹50 each. Its costs are ₹520. What is its profit (in ₹)?
28. 28.A small business sells 31 cups of lemonade at ₹20 each. Its costs are ₹400. What is its profit (in ₹)?
29. 29.True or false: “owned by shareholders” is true of a company. (a) True (b) False
30. 30.A small business sells 33 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
31. 31.A small business sells 14 paper bookmarks at ₹15 each. Its costs are ₹50. What is its profit (in ₹)?
32. 32.A small business sells 55 cupcakes at ₹20 each. Its costs are ₹100. What is its profit (in ₹)?
33. 33.A small business sells 45 handmade cards at ₹20 each. Its costs are ₹310. What is its profit (in ₹)?
34. 34.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
35. 35.A small business sells 59 handmade cards at ₹50 each. Its costs are ₹850. What is its profit (in ₹)?
36. 36.A small business sells 14 bags of popcorn at ₹20 each. Its costs are ₹110. What is its profit (in ₹)?
37. 37.A small business sells 27 bags of popcorn at ₹15 each. Its costs are ₹350. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
39. 39.A small business sells 54 cups of lemonade at ₹25 each. Its costs are ₹190. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader

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