Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 744 · 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.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
2. 2.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
3. 3.A small business sells 36 handmade cards at ₹10 each. Its costs are ₹320. What is its profit (in ₹)?
4. 4.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) a separate legal body (d) owners’ risk is limited
5. 5.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
6. 6.A small business selling paper bookmarks had a revenue of ₹940 and a profit of ₹360. What were its costs (in ₹)?
7. 7.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
8. 8.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
9. 9.A small business sells 36 painted pebbles at ₹5 each. Its costs are ₹110. What is its profit (in ₹)?
10. 10.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
11. 11.True or false: “one owner runs it” is true of a company. (a) True (b) False
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.A small business sells 15 handmade cards at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
18. 18.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
19. 19.A small business sells 26 glasses of chai at ₹5 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
21. 21.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
22. 22.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
23. 23.A small business sells 40 glasses of chai at ₹10 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
25. 25.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
26. 26.A small business sells 19 friendship bands at ₹45 each. What is its revenue (in ₹)?
27. 27.A small business selling paper bookmarks had a revenue of ₹170 and a profit of ₹50. What were its costs (in ₹)?
28. 28.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owners’ risk is limited (d) one owner runs it
29. 29.A small business sells 53 potted plants at ₹10 each. Its costs are ₹320. What is its profit (in ₹)?
30. 30.True or false: “a separate legal body” is true of a company. (a) False (b) True
31. 31.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) run by directors
32. 32.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
34. 34.A small business sells 54 potted plants at ₹30 each. What is its revenue (in ₹)?
35. 35.True or false: “owned by shareholders” is true of a company. (a) False (b) True
36. 36.A small business sells 49 painted pebbles at ₹35 each. Its costs are ₹1200. What is its profit (in ₹)?
37. 37.A small business selling friendship bands had a revenue of ₹1645 and a profit of ₹1225. What were its costs (in ₹)?
38. 38.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
39. 39.True or false: “owner owes the debts” is true of a company. (a) False (b) True
40. 40.True or false: “simplest to start” is true of a sole trader. (a) False (b) True

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