Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 758 · 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 13 jute bags at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
3. 3.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) simplest to start (d) owned by shareholders
5. 5.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
6. 6.A small business selling jute bags had a revenue of ₹1435 and a profit of ₹1085. What were its costs (in ₹)?
7. 7.A small business selling handmade cards had a revenue of ₹1540 and a profit of ₹1520. What were its costs (in ₹)?
8. 8.True or false: “simplest to start” is true of a company. (a) False (b) True
9. 9.A small business selling bags of popcorn had a revenue of ₹1750 and a profit of ₹1740. What were its costs (in ₹)?
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
11. 11.A small business sells 33 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
13. 13.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
14. 14.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
15. 15.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
16. 16.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
17. 17.A small business sells 56 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
19. 19.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
20. 20.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
21. 21.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.A small business sells 25 glasses of chai at ₹25 each. What is its revenue (in ₹)?
24. 24.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
25. 25.A small business selling fruit cups had a revenue of ₹805 and a profit of ₹335. What were its costs (in ₹)?
26. 26.A small business sells 49 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
28. 28.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
29. 29.A small business selling fruit cups had a revenue of ₹540 and a profit of ₹370. What were its costs (in ₹)?
30. 30.A small business sells 50 glasses of chai at ₹50 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner keeps all profit
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
33. 33.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
34. 34.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
35. 35.A small business sells 58 handmade cards at ₹20 each. What is its revenue (in ₹)?
36. 36.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
37. 37.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner owes the debts (d) owner keeps all profit
38. 38.A small business sells 60 potted plants at ₹30 each. What is its revenue (in ₹)?
39. 39.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
40. 40.A small business sells 35 fruit cups at ₹25 each. What is its revenue (in ₹)?

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