Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 429 · 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.A small business sells 34 potted plants at ₹5 each. What is its revenue (in ₹)?
3. 3.True or false: “run by directors” is true of a company. (a) False (b) True
4. 4.True or false: “owned by shareholders” is true of a company. (a) False (b) True
5. 5.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) simplest to start (d) one owner runs it
6. 6.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
7. 7.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
8. 8.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
9. 9.A small business sells 24 cupcakes at ₹50 each. Its costs are ₹200. What is its profit (in ₹)?
10. 10.True or false: “owner owes the debts” is true of a company. (a) True (b) False
11. 11.A small business sells 45 cupcakes at ₹15 each. What is its revenue (in ₹)?
12. 12.A small business sells 23 painted pebbles at ₹10 each. What is its revenue (in ₹)?
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
15. 15.A small business selling potted plants had a revenue of ₹875 and a profit of ₹315. What were its costs (in ₹)?
16. 16.A small business sells 16 glasses of chai at ₹15 each. What is its revenue (in ₹)?
17. 17.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
18. 18.A small business selling cups of lemonade had a revenue of ₹625 and a profit of ₹45. What were its costs (in ₹)?
19. 19.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
20. 20.A small business selling cupcakes had a revenue of ₹2065 and a profit of ₹1445. What were its costs (in ₹)?
21. 21.A small business sells 16 friendship bands at ₹25 each. What is its revenue (in ₹)?
22. 22.A small business sells 18 clay diyas at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
24. 24.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) one owner runs it
25. 25.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
26. 26.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
27. 27.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
28. 28.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
29. 29.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
30. 30.A small business sells 33 potted plants at ₹25 each. What is its revenue (in ₹)?
31. 31.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
32. 32.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
33. 33.A small business sells 20 bags of popcorn at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
34. 34.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
35. 35.True or false: “one owner runs it” is true of a company. (a) False (b) True
36. 36.A small business sells 34 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner keeps all profit
38. 38.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
39. 39.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
40. 40.A small business selling glasses of chai had a revenue of ₹660 and a profit of ₹50. What were its costs (in ₹)?

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