Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 618 · 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 12 potted plants at ₹30 each. What is its revenue (in ₹)?
2. 2.A small business selling glasses of chai had a revenue of ₹1080 and a profit of ₹750. What were its costs (in ₹)?
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owned by shareholders
4. 4.A small business selling potted plants had a revenue of ₹230 and a profit of ₹220. What were its costs (in ₹)?
5. 5.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
6. 6.A small business sells 40 clay diyas at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
7. 7.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
8. 8.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
9. 9.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) simplest to start (d) owned by shareholders
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
11. 11.A small business sells 32 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
13. 13.A small business sells 27 cupcakes at ₹20 each. Its costs are ₹470. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
15. 15.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
16. 16.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
17. 17.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
18. 18.True or false: “run by directors” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 24 cupcakes at ₹35 each. Its costs are ₹700. What is its profit (in ₹)?
20. 20.A small business sells 22 friendship bands at ₹25 each. Its costs are ₹530. What is its profit (in ₹)?
21. 21.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.True or false: “run by directors” is true of a company. (a) True (b) False
24. 24.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
25. 25.True or false: “simplest to start” is true of a company. (a) True (b) False
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.A small business sells 38 potted plants at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
29. 29.True or false: “one owner runs it” is true of a company. (a) True (b) False
30. 30.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
31. 31.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
32. 32.A small business selling cups of lemonade had a revenue of ₹765 and a profit of ₹85. What were its costs (in ₹)?
33. 33.A small business sells 46 handmade cards at ₹5 each. What is its revenue (in ₹)?
34. 34.A small business sells 44 potted plants at ₹45 each. Its costs are ₹1060. What is its profit (in ₹)?
35. 35.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
36. 36.A small business sells 46 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
37. 37.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
39. 39.A small business sells 20 potted plants at ₹15 each. Its costs are ₹270. What is its profit (in ₹)?
40. 40.A small business sells 23 handmade cards at ₹10 each. What is its revenue (in ₹)?

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