Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 780 · 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 44 cupcakes at ₹30 each. Its costs are ₹260. What is its profit (in ₹)?
2. 2.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
3. 3.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.A small business sells 24 clay diyas at ₹50 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
8. 8.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
9. 9.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) simplest to start
10. 10.True or false: “simplest to start” is true of a company. (a) True (b) False
11. 11.A small business selling glasses of chai had a revenue of ₹1060 and a profit of ₹750. What were its costs (in ₹)?
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
13. 13.A small business selling cupcakes had a revenue of ₹660 and a profit of ₹450. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
15. 15.True or false: “owned by shareholders” is true of a company. (a) False (b) True
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
17. 17.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 12 jute bags at ₹20 each. Its costs are ₹220. What is its profit (in ₹)?
19. 19.A small business sells 33 friendship bands at ₹10 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) a separate legal body
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) owner owes the debts (d) simplest to start
22. 22.A small business sells 20 friendship bands at ₹15 each. Its costs are ₹140. What is its profit (in ₹)?
23. 23.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
24. 24.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
25. 25.A small business sells 14 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
27. 27.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
28. 28.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
29. 29.A small business sells 49 glasses of chai at ₹50 each. What is its revenue (in ₹)?
30. 30.A small business sells 33 handmade cards at ₹20 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) owned by shareholders
32. 32.A small business sells 21 painted pebbles at ₹25 each. What is its revenue (in ₹)?
33. 33.A small business sells 28 glasses of chai at ₹45 each. What is its revenue (in ₹)?
34. 34.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
35. 35.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
36. 36.A small business sells 10 glasses of chai at ₹20 each. Its costs are ₹110. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
38. 38.True or false: “owner owes the debts” is true of a company. (a) False (b) True
39. 39.True or false: “one owner runs it” is true of a company. (a) True (b) False
40. 40.📊 Revenue or profit: all money from sales? (a) profit (b) revenue

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