Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 590 · 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 sells 25 potted plants at ₹10 each. What is its revenue (in ₹)?
2. 2.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
3. 3.A small business selling fruit cups had a revenue of ₹2080 and a profit of ₹760. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
5. 5.A small business sells 19 cups of lemonade at ₹30 each. Its costs are ₹190. What is its profit (in ₹)?
6. 6.A small business sells 47 glasses of chai at ₹40 each. What is its revenue (in ₹)?
7. 7.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
8. 8.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
9. 9.A small business selling fruit cups had a revenue of ₹235 and a profit of ₹195. What were its costs (in ₹)?
10. 10.A small business sells 21 cups of lemonade at ₹5 each. Its costs are ₹90. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
14. 14.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
15. 15.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
16. 16.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
17. 17.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) owner keeps all profit (d) simplest to start
18. 18.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) owned by shareholders
19. 19.A small business sells 22 cupcakes at ₹10 each. What is its revenue (in ₹)?
20. 20.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
22. 22.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
23. 23.A small business sells 21 handmade cards at ₹5 each. What is its revenue (in ₹)?
24. 24.A small business sells 23 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
25. 25.A small business selling glasses of chai had a revenue of ₹295 and a profit of ₹145. What were its costs (in ₹)?
26. 26.A small business sells 30 potted plants at ₹20 each. Its costs are ₹430. What is its profit (in ₹)?
27. 27.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
28. 28.True or false: “run by directors” is true of a sole trader. (a) True (b) False
29. 29.A small business sells 24 bags of popcorn at ₹50 each. Its costs are ₹580. What is its profit (in ₹)?
30. 30.A small business sells 27 friendship bands at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business selling painted pebbles had a revenue of ₹255 and a profit of ₹225. What were its costs (in ₹)?
32. 32.A small business sells 47 bags of popcorn at ₹15 each. Its costs are ₹500. What is its profit (in ₹)?
33. 33.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
34. 34.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
35. 35.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
36. 36.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
37. 37.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) simplest to start (d) one owner runs it
38. 38.A small business sells 35 paper bookmarks at ₹10 each. Its costs are ₹230. What is its profit (in ₹)?
39. 39.A small business sells 45 jute bags at ₹25 each. What is its revenue (in ₹)?
40. 40.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit

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