Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 540 · 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 sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner owes the debts
2. 2.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
3. 3.A small business sells 21 clay diyas at ₹5 each. What is its revenue (in ₹)?
4. 4.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
5. 5.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
6. 6.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
8. 8.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
9. 9.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
10. 10.A small business sells 57 friendship bands at ₹50 each. Its costs are ₹1010. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
12. 12.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
13. 13.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
14. 14.A small business sells 19 fruit cups at ₹30 each. Its costs are ₹480. What is its profit (in ₹)?
15. 15.A small business sells 13 glasses of chai at ₹10 each. What is its revenue (in ₹)?
16. 16.A small business sells 25 painted pebbles at ₹30 each. What is its revenue (in ₹)?
17. 17.A small business sells 37 cupcakes at ₹5 each. Its costs are ₹130. What is its profit (in ₹)?
18. 18.A small business sells 19 cupcakes at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
19. 19.A small business sells 11 fruit cups at ₹30 each. What is its revenue (in ₹)?
20. 20.A small business sells 44 bags of popcorn at ₹20 each. Its costs are ₹50. What is its profit (in ₹)?
21. 21.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
22. 22.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
23. 23.A small business selling paper bookmarks had a revenue of ₹1845 and a profit of ₹1735. What were its costs (in ₹)?
24. 24.True or false: “owned by shareholders” is true of a company. (a) False (b) True
25. 25.A small business selling potted plants had a revenue of ₹1680 and a profit of ₹280. What were its costs (in ₹)?
26. 26.A small business sells 16 friendship bands at ₹45 each. Its costs are ₹610. What is its profit (in ₹)?
27. 27.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
28. 28.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
29. 29.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
30. 30.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
32. 32.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
33. 33.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) run by directors (d) owner owes the debts
34. 34.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
35. 35.A small business selling cups of lemonade had a revenue of ₹2450 and a profit of ₹1940. What were its costs (in ₹)?
36. 36.A small business sells 45 jute bags at ₹35 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
38. 38.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
39. 39.A small business selling jute bags had a revenue of ₹525 and a profit of ₹475. What were its costs (in ₹)?
40. 40.A small business selling friendship bands had a revenue of ₹110 and a profit of ₹20. What were its costs (in ₹)?

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