Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 415 · 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: simplest to start? (a) a company (b) a sole trader
2. 2.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
3. 3.🎂 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
4. 4.A small business sells 28 friendship bands at ₹5 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.A small business selling paper bookmarks had a revenue of ₹1025 and a profit of ₹645. What were its costs (in ₹)?
7. 7.A small business sells 21 potted plants at ₹25 each. Its costs are ₹140. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
9. 9.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
10. 10.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
12. 12.A small business sells 22 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
13. 13.A small business selling paper bookmarks had a revenue of ₹840 and a profit of ₹290. What were its costs (in ₹)?
14. 14.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
15. 15.A small business sells 23 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
16. 16.True or false: “run by directors” is true of a company. (a) True (b) False
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) one owner runs it
19. 19.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
20. 20.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
21. 21.A small business sells 52 bags of popcorn at ₹35 each. Its costs are ₹1660. What is its profit (in ₹)?
22. 22.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
23. 23.A small business sells 20 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
24. 24.A small business selling jute bags had a revenue of ₹675 and a profit of ₹635. What were its costs (in ₹)?
25. 25.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
26. 26.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner keeps all profit (d) owner owes the debts
27. 27.A small business sells 45 clay diyas at ₹35 each. What is its revenue (in ₹)?
28. 28.A small business sells 24 clay diyas at ₹40 each. What is its revenue (in ₹)?
29. 29.A small business sells 23 painted pebbles at ₹40 each. Its costs are ₹190. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) a separate legal body (d) run by directors
32. 32.True or false: “run by directors” is true of a sole trader. (a) True (b) False
33. 33.A small business sells 38 glasses of chai at ₹25 each. Its costs are ₹200. What is its profit (in ₹)?
34. 34.A small business sells 42 fruit cups at ₹35 each. Its costs are ₹930. What is its profit (in ₹)?
35. 35.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) owner keeps all profit
36. 36.A small business sells 59 jute bags at ₹10 each. What is its revenue (in ₹)?
37. 37.A small business sells 24 cupcakes at ₹25 each. Its costs are ₹140. What is its profit (in ₹)?
38. 38.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
39. 39.A small business sells 32 clay diyas at ₹50 each. Its costs are ₹500. What is its profit (in ₹)?
40. 40.📊 Revenue or profit: all money from sales? (a) profit (b) revenue

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