Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 656 · 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.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
2. 2.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
3. 3.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
4. 4.A small business selling fruit cups had a revenue of ₹650 and a profit of ₹490. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
6. 6.A small business sells 15 friendship bands at ₹15 each. Its costs are ₹80. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
8. 8.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) a separate legal body (d) run by directors
9. 9.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
10. 10.A small business sells 15 handmade cards at ₹40 each. What is its revenue (in ₹)?
11. 11.A small business selling painted pebbles had a revenue of ₹350 and a profit of ₹280. What were its costs (in ₹)?
12. 12.A small business sells 20 fruit cups at ₹20 each. Its costs are ₹250. What is its profit (in ₹)?
13. 13.A small business selling handmade cards had a revenue of ₹770 and a profit of ₹540. What were its costs (in ₹)?
14. 14.A small business sells 48 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
16. 16.True or false: “one owner runs it” is true of a company. (a) False (b) True
17. 17.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
18. 18.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
19. 19.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
20. 20.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
22. 22.A small business selling jute bags had a revenue of ₹295 and a profit of ₹185. What were its costs (in ₹)?
23. 23.A small business sells 42 handmade cards at ₹35 each. What is its revenue (in ₹)?
24. 24.A small business sells 58 glasses of chai at ₹10 each. What is its revenue (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner keeps all profit
26. 26.A small business selling fruit cups had a revenue of ₹340 and a profit of ₹90. What were its costs (in ₹)?
27. 27.True or false: “run by directors” is true of a company. (a) True (b) False
28. 28.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
29. 29.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) owned by shareholders
30. 30.A small business sells 55 paper bookmarks at ₹5 each. Its costs are ₹130. What is its profit (in ₹)?
31. 31.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
32. 32.A small business sells 15 cupcakes at ₹20 each. Its costs are ₹140. What is its profit (in ₹)?
33. 33.A small business sells 28 cupcakes at ₹45 each. What is its revenue (in ₹)?
34. 34.A small business selling bags of popcorn had a revenue of ₹1710 and a profit of ₹300. What were its costs (in ₹)?
35. 35.Which of these is true of a company? (a) run by directors (b) simplest to start (c) one owner runs it (d) owner owes the debts
36. 36.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
37. 37.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner owes the debts (d) one owner runs it
38. 38.A small business sells 32 potted plants at ₹25 each. What is its revenue (in ₹)?
39. 39.True or false: “owned by shareholders” is true of a company. (a) False (b) True
40. 40.A small business sells 55 glasses of chai at ₹50 each. Its costs are ₹1210. What is its profit (in ₹)?

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