Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 735 · 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 sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
2. 2.A small business selling cups of lemonade had a revenue of ₹1710 and a profit of ₹790. What were its costs (in ₹)?
3. 3.True or false: “run by directors” is true of a sole trader. (a) False (b) True
4. 4.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
5. 5.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
7. 7.A small business sells 27 clay diyas at ₹25 each. Its costs are ₹70. What is its profit (in ₹)?
8. 8.A small business sells 55 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.A small business sells 17 painted pebbles at ₹5 each. What is its revenue (in ₹)?
11. 11.A small business sells 20 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
12. 12.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
13. 13.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
14. 14.A small business selling handmade cards had a revenue of ₹2500 and a profit of ₹300. What were its costs (in ₹)?
15. 15.A small business sells 22 clay diyas at ₹20 each. What is its revenue (in ₹)?
16. 16.A small business selling potted plants had a revenue of ₹2070 and a profit of ₹440. What were its costs (in ₹)?
17. 17.A small business selling potted plants had a revenue of ₹1250 and a profit of ₹1140. What were its costs (in ₹)?
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 60 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
20. 20.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
21. 21.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owned by shareholders
22. 22.A small business sells 45 fruit cups at ₹5 each. What is its revenue (in ₹)?
23. 23.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
24. 24.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
25. 25.True or false: “simplest to start” is true of a company. (a) False (b) True
26. 26.A small business sells 45 handmade cards at ₹15 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
29. 29.A small business selling potted plants had a revenue of ₹255 and a profit of ₹225. What were its costs (in ₹)?
30. 30.A small business sells 60 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
31. 31.A small business sells 11 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
32. 32.A small business sells 17 fruit cups at ₹25 each. What is its revenue (in ₹)?
33. 33.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
34. 34.A small business selling jute bags had a revenue of ₹1020 and a profit of ₹990. What were its costs (in ₹)?
35. 35.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) run by directors (d) a separate legal body
36. 36.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
37. 37.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
38. 38.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
39. 39.True or false: “one owner runs it” is true of a company. (a) False (b) True
40. 40.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader

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