Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 486 · 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: owners’ risk is limited? (a) a sole trader (b) a company
2. 2.A small business sells 15 jute bags at ₹35 each. What is its revenue (in ₹)?
3. 3.A small business selling friendship bands had a revenue of ₹220 and a profit of ₹170. What were its costs (in ₹)?
4. 4.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
5. 5.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
6. 6.A small business sells 23 potted plants at ₹50 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) owned by shareholders
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
11. 11.A small business sells 45 cups of lemonade at ₹25 each. Its costs are ₹130. What is its profit (in ₹)?
12. 12.A small business selling cups of lemonade had a revenue of ₹1120 and a profit of ₹690. What were its costs (in ₹)?
13. 13.A small business sells 29 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
14. 14.A small business sells 27 fruit cups at ₹10 each. What is its revenue (in ₹)?
15. 15.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
16. 16.A small business selling handmade cards had a revenue of ₹165 and a profit of ₹155. What were its costs (in ₹)?
17. 17.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
18. 18.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
19. 19.A small business sells 58 painted pebbles at ₹35 each. Its costs are ₹2020. What is its profit (in ₹)?
20. 20.A small business sells 31 potted plants at ₹15 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) owned by shareholders
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
24. 24.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
25. 25.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
27. 27.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
28. 28.A small business selling painted pebbles had a revenue of ₹585 and a profit of ₹315. What were its costs (in ₹)?
29. 29.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
30. 30.A small business sells 56 friendship bands at ₹40 each. Its costs are ₹450. What is its profit (in ₹)?
31. 31.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
32. 32.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
33. 33.A small business sells 53 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
34. 34.A small business sells 45 potted plants at ₹10 each. Its costs are ₹290. What is its profit (in ₹)?
35. 35.A small business sells 20 potted plants at ₹20 each. What is its revenue (in ₹)?
36. 36.True or false: “run by directors” is true of a company. (a) True (b) False
37. 37.A small business sells 31 fruit cups at ₹35 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
40. 40.📊 Revenue or profit: left after all costs? (a) profit (b) revenue

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