Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 425 · 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.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
2. 2.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
3. 3.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owned by shareholders (d) owners’ risk is limited
4. 4.A small business sells 42 potted plants at ₹5 each. What is its revenue (in ₹)?
5. 5.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
6. 6.True or false: “simplest to start” is true of a company. (a) True (b) False
7. 7.A small business sells 18 friendship bands at ₹5 each. What is its revenue (in ₹)?
8. 8.A small business selling cups of lemonade had a revenue of ₹960 and a profit of ₹600. What were its costs (in ₹)?
9. 9.A small business selling fruit cups had a revenue of ₹875 and a profit of ₹735. What were its costs (in ₹)?
10. 10.A small business sells 44 glasses of chai at ₹50 each. What is its revenue (in ₹)?
11. 11.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) owned by shareholders
12. 12.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
13. 13.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
15. 15.A small business sells 36 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
16. 16.A small business selling glasses of chai had a revenue of ₹200 and a profit of ₹130. What were its costs (in ₹)?
17. 17.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
18. 18.A small business selling potted plants had a revenue of ₹120 and a profit of ₹10. What were its costs (in ₹)?
19. 19.A small business sells 48 glasses of chai at ₹45 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
21. 21.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
22. 22.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) owners’ risk is limited
25. 25.A small business sells 32 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
26. 26.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 23 glasses of chai at ₹45 each. Its costs are ₹840. What is its profit (in ₹)?
28. 28.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
29. 29.A small business sells 42 cups of lemonade at ₹20 each. Its costs are ₹400. What is its profit (in ₹)?
30. 30.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
31. 31.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
32. 32.A small business sells 14 jute bags at ₹30 each. Its costs are ₹190. What is its profit (in ₹)?
33. 33.True or false: “a separate legal body” is true of a company. (a) True (b) False
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
35. 35.A small business sells 44 painted pebbles at ₹25 each. What is its revenue (in ₹)?
36. 36.A small business sells 35 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
37. 37.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
38. 38.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
39. 39.A small business sells 51 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
40. 40.A small business sells 41 handmade cards at ₹15 each. Its costs are ₹100. What is its profit (in ₹)?

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