Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 588 · 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 ₹1380 and a profit of ₹1100. What were its costs (in ₹)?
2. 2.A small business sells 48 potted plants at ₹25 each. Its costs are ₹330. What is its profit (in ₹)?
3. 3.True or false: “owned by shareholders” is true of a company. (a) False (b) True
4. 4.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
5. 5.A small business selling bags of popcorn had a revenue of ₹480 and a profit of ₹450. What were its costs (in ₹)?
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
7. 7.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
8. 8.A small business sells 12 potted plants at ₹5 each. What is its revenue (in ₹)?
9. 9.A small business sells 26 clay diyas at ₹5 each. Its costs are ₹110. What is its profit (in ₹)?
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) one owner runs it
12. 12.A small business selling glasses of chai had a revenue of ₹910 and a profit of ₹800. What were its costs (in ₹)?
13. 13.🎂 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
14. 14.A small business sells 27 glasses of chai at ₹30 each. What is its revenue (in ₹)?
15. 15.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
16. 16.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
17. 17.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) simplest to start (d) owner owes the debts
18. 18.A small business selling jute bags had a revenue of ₹175 and a profit of ₹105. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
20. 20.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner keeps all profit (d) owned by shareholders
22. 22.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) simplest to start (d) run by directors
25. 25.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
26. 26.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
27. 27.A small business selling paper bookmarks had a revenue of ₹460 and a profit of ₹220. What were its costs (in ₹)?
28. 28.A small business selling fruit cups had a revenue of ₹735 and a profit of ₹625. What were its costs (in ₹)?
29. 29.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
30. 30.A small business selling cupcakes had a revenue of ₹2800 and a profit of ₹430. What were its costs (in ₹)?
31. 31.A small business sells 47 glasses of chai at ₹25 each. Its costs are ₹1000. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
33. 33.A small business selling handmade cards had a revenue of ₹2240 and a profit of ₹2140. What were its costs (in ₹)?
34. 34.A small business sells 33 friendship bands at ₹40 each. Its costs are ₹230. What is its profit (in ₹)?
35. 35.True or false: “run by directors” is true of a sole trader. (a) True (b) False
36. 36.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
37. 37.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owned by shareholders (d) run by directors
38. 38.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
39. 39.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) a separate legal body (d) simplest to start
40. 40.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue

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