Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 783 · 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: revenue minus costs? (a) revenue (b) profit
2. 2.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
3. 3.A small business sells 18 friendship bands at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
4. 4.A small business sells 39 painted pebbles at ₹20 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
7. 7.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
8. 8.A small business selling cupcakes had a revenue of ₹2295 and a profit of ₹765. What were its costs (in ₹)?
9. 9.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) owner keeps all profit
10. 10.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
11. 11.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
13. 13.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
14. 14.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
15. 15.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.A small business sells 20 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
18. 18.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
20. 20.A small business sells 20 cups of lemonade at ₹25 each. Its costs are ₹240. What is its profit (in ₹)?
21. 21.A small business sells 53 potted plants at ₹25 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
23. 23.A small business sells 17 handmade cards at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
24. 24.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
25. 25.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) simplest to start
26. 26.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
27. 27.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
28. 28.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
29. 29.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
30. 30.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
31. 31.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) one owner runs it (d) owner keeps all profit
32. 32.A small business sells 33 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
33. 33.A small business selling cupcakes had a revenue of ₹1280 and a profit of ₹490. What were its costs (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) one owner runs it (d) owned by shareholders
35. 35.A small business sells 39 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
36. 36.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
37. 37.A small business selling handmade cards had a revenue of ₹435 and a profit of ₹125. What were its costs (in ₹)?
38. 38.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
39. 39.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
40. 40.A small business selling clay diyas had a revenue of ₹1060 and a profit of ₹310. What were its costs (in ₹)?

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