Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 502 · 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.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owned by shareholders
2. 2.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
3. 3.A small business selling glasses of chai had a revenue of ₹105 and a profit of ₹75. What were its costs (in ₹)?
4. 4.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) owner keeps all profit
5. 5.A small business selling handmade cards had a revenue of ₹2100 and a profit of ₹1960. What were its costs (in ₹)?
6. 6.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) run by directors (d) owners’ risk is limited
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) owned by shareholders
10. 10.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
11. 11.A small business selling painted pebbles had a revenue of ₹1190 and a profit of ₹210. What were its costs (in ₹)?
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.True or false: “owner owes the debts” is true of a company. (a) False (b) True
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) a separate legal body
15. 15.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
16. 16.A small business selling painted pebbles had a revenue of ₹255 and a profit of ₹235. What were its costs (in ₹)?
17. 17.A small business selling potted plants had a revenue of ₹450 and a profit of ₹350. What were its costs (in ₹)?
18. 18.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
19. 19.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
20. 20.True or false: “run by directors” is true of a sole trader. (a) True (b) False
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
22. 22.A small business sells 57 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
23. 23.A small business sells 42 friendship bands at ₹35 each. Its costs are ₹540. What is its profit (in ₹)?
24. 24.A small business sells 57 glasses of chai at ₹35 each. Its costs are ₹1980. What is its profit (in ₹)?
25. 25.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 21 cupcakes at ₹15 each. Its costs are ₹240. What is its profit (in ₹)?
28. 28.A small business sells 15 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
29. 29.A small business sells 30 handmade cards at ₹35 each. What is its revenue (in ₹)?
30. 30.A small business sells 33 friendship bands at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
31. 31.A small business sells 37 fruit cups at ₹35 each. What is its revenue (in ₹)?
32. 32.A small business sells 29 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
33. 33.A small business selling cups of lemonade had a revenue of ₹1325 and a profit of ₹775. What were its costs (in ₹)?
34. 34.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
35. 35.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
36. 36.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
37. 37.A small business selling friendship bands had a revenue of ₹410 and a profit of ₹300. What were its costs (in ₹)?
38. 38.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
39. 39.A small business selling handmade cards had a revenue of ₹125 and a profit of ₹85. What were its costs (in ₹)?
40. 40.A small business selling bags of popcorn had a revenue of ₹2030 and a profit of ₹10. What were its costs (in ₹)?

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