Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 65 · 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 cups of lemonade had a revenue of ₹1395 and a profit of ₹1245. What were its costs (in ₹)?
2. 2.A small business selling glasses of chai had a revenue of ₹360 and a profit of ₹330. What were its costs (in ₹)?
3. 3.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
4. 4.A small business sells 29 potted plants at ₹15 each. What is its revenue (in ₹)?
5. 5.A small business selling fruit cups had a revenue of ₹110 and a profit of ₹10. What were its costs (in ₹)?
6. 6.A small business sells 28 clay diyas at ₹50 each. What is its revenue (in ₹)?
7. 7.True or false: “owned by shareholders” is true of a company. (a) False (b) True
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
9. 9.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owned by shareholders (d) run by directors
10. 10.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
11. 11.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
12. 12.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
13. 13.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
14. 14.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
15. 15.A small business selling jute bags had a revenue of ₹480 and a profit of ₹440. What were its costs (in ₹)?
16. 16.A small business selling handmade cards had a revenue of ₹1610 and a profit of ₹1530. What were its costs (in ₹)?
17. 17.A small business sells 19 handmade cards at ₹15 each. Its costs are ₹180. What is its profit (in ₹)?
18. 18.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
19. 19.A small business sells 41 cupcakes at ₹15 each. Its costs are ₹600. What is its profit (in ₹)?
20. 20.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
21. 21.A small business sells 43 glasses of chai at ₹45 each. Its costs are ₹640. What is its profit (in ₹)?
22. 22.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
23. 23.True or false: “simplest to start” is true of a company. (a) False (b) True
24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
27. 27.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
29. 29.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
30. 30.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
31. 31.A small business sells 23 friendship bands at ₹35 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
33. 33.A small business sells 56 painted pebbles at ₹45 each. What is its revenue (in ₹)?
34. 34.A small business sells 43 painted pebbles at ₹40 each. Its costs are ₹560. What is its profit (in ₹)?
35. 35.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
36. 36.A small business sells 33 bags of popcorn at ₹35 each. Its costs are ₹210. What is its profit (in ₹)?
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) owner owes the debts
38. 38.A small business sells 33 friendship bands at ₹50 each. Its costs are ₹1250. What is its profit (in ₹)?
39. 39.True or false: “one owner runs it” is true of a company. (a) True (b) False
40. 40.A small business sells 17 jute bags at ₹10 each. What is its revenue (in ₹)?

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