Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 711 · 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 16 friendship bands at ₹15 each. What is its revenue (in ₹)?
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.A small business selling paper bookmarks had a revenue of ₹85 and a profit of ₹75. What were its costs (in ₹)?
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owned by shareholders (d) run by directors
5. 5.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) simplest to start (d) owner keeps all profit
6. 6.A small business sells 20 potted plants at ₹45 each. Its costs are ₹100. What is its profit (in ₹)?
7. 7.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) run by directors
9. 9.📜 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
10. 10.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
12. 12.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
13. 13.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
14. 14.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
15. 15.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
16. 16.A small business selling bags of popcorn had a revenue of ₹1375 and a profit of ₹595. What were its costs (in ₹)?
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) simplest to start
19. 19.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
20. 20.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
21. 21.A small business sells 40 clay diyas at ₹10 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
24. 24.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
25. 25.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
26. 26.A small business selling friendship bands had a revenue of ₹120 and a profit of ₹70. What were its costs (in ₹)?
27. 27.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
29. 29.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
30. 30.A small business selling jute bags had a revenue of ₹160 and a profit of ₹120. What were its costs (in ₹)?
31. 31.A small business sells 12 clay diyas at ₹25 each. Its costs are ₹220. What is its profit (in ₹)?
32. 32.A small business selling cupcakes had a revenue of ₹480 and a profit of ₹210. What were its costs (in ₹)?
33. 33.A small business selling glasses of chai had a revenue of ₹1160 and a profit of ₹960. What were its costs (in ₹)?
34. 34.A small business selling cupcakes had a revenue of ₹780 and a profit of ₹610. What were its costs (in ₹)?
35. 35.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owned by shareholders (d) owners’ risk is limited
36. 36.True or false: “owner owes the debts” is true of a company. (a) True (b) False
37. 37.A small business sells 17 potted plants at ₹30 each. What is its revenue (in ₹)?
38. 38.A small business sells 42 friendship bands at ₹25 each. Its costs are ₹510. What is its profit (in ₹)?
39. 39.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
40. 40.📊 Revenue or profit: money in before costs? (a) revenue (b) profit

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