Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 474 · 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 minus costs equals… (a) profit (b) revenue (c) price (d) stock
2. 2.True or false: “a separate legal body” is true of a company. (a) True (b) False
3. 3.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
4. 4.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) a separate legal body
5. 5.A small business selling painted pebbles had a revenue of ₹250 and a profit of ₹190. What were its costs (in ₹)?
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
8. 8.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
9. 9.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
11. 11.True or false: “run by directors” is true of a sole trader. (a) False (b) True
12. 12.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
13. 13.A small business sells 45 cups of lemonade at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
16. 16.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
17. 17.A small business sells 51 potted plants at ₹10 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
19. 19.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
20. 20.A small business sells 43 friendship bands at ₹25 each. What is its revenue (in ₹)?
21. 21.A small business sells 25 fruit cups at ₹25 each. What is its revenue (in ₹)?
22. 22.True or false: “one owner runs it” is true of a company. (a) False (b) True
23. 23.A small business selling fruit cups had a revenue of ₹420 and a profit of ₹210. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
26. 26.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner owes the debts (d) simplest to start
27. 27.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) one owner runs it (d) simplest to start
28. 28.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
29. 29.A small business sells 33 glasses of chai at ₹30 each. What is its revenue (in ₹)?
30. 30.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
31. 31.A small business sells 20 cups of lemonade at ₹30 each. Its costs are ₹280. What is its profit (in ₹)?
32. 32.A small business sells 12 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
33. 33.A small business selling clay diyas had a revenue of ₹885 and a profit of ₹215. What were its costs (in ₹)?
34. 34.A small business sells 33 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
35. 35.A small business sells 37 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
37. 37.A small business sells 47 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
38. 38.A small business sells 29 jute bags at ₹25 each. Its costs are ₹250. What is its profit (in ₹)?
39. 39.True or false: “run by directors” is true of a company. (a) False (b) True
40. 40.True or false: “simplest to start” is true of a company. (a) True (b) False

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