Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 50 · 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.A small business selling handmade cards had a revenue of ₹780 and a profit of ₹500. What were its costs (in ₹)?
2. 2.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
3. 3.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
4. 4.A small business sells 60 handmade cards at ₹25 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
6. 6.A small business sells 53 fruit cups at ₹10 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
8. 8.A small business selling fruit cups had a revenue of ₹2565 and a profit of ₹1955. What were its costs (in ₹)?
9. 9.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
10. 10.True or false: “run by directors” is true of a sole trader. (a) True (b) False
11. 11.A small business selling handmade cards had a revenue of ₹480 and a profit of ₹90. What were its costs (in ₹)?
12. 12.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
13. 13.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
14. 14.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
15. 15.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) owned by shareholders (d) a separate legal body
17. 17.True or false: “run by directors” is true of a company. (a) True (b) False
18. 18.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
19. 19.A small business sells 39 clay diyas at ₹25 each. Its costs are ₹540. What is its profit (in ₹)?
20. 20.True or false: “a separate legal body” is true of a company. (a) True (b) False
21. 21.A small business selling cupcakes had a revenue of ₹1225 and a profit of ₹625. What were its costs (in ₹)?
22. 22.A small business selling bags of popcorn had a revenue of ₹470 and a profit of ₹360. What were its costs (in ₹)?
23. 23.A small business selling bags of popcorn had a revenue of ₹1000 and a profit of ₹560. What were its costs (in ₹)?
24. 24.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
25. 25.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
26. 26.A small business sells 30 fruit cups at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?
27. 27.A small business sells 18 handmade cards at ₹40 each. Its costs are ₹150. What is its profit (in ₹)?
28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
29. 29.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
30. 30.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner owes the debts (d) simplest to start
31. 31.A small business sells 16 friendship bands at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
32. 32.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
33. 33.A small business selling cups of lemonade had a revenue of ₹720 and a profit of ₹260. What were its costs (in ₹)?
34. 34.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
35. 35.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
36. 36.A small business sells 37 potted plants at ₹5 each. What is its revenue (in ₹)?
37. 37.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
38. 38.A small business sells 21 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
40. 40.A small business selling cups of lemonade had a revenue of ₹1400 and a profit of ₹820. What were its costs (in ₹)?

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