Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 788 · 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 selling handmade cards had a revenue of ₹255 and a profit of ₹205. What were its costs (in ₹)?
2. 2.A small business sells 12 cups of lemonade at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
3. 3.A small business selling jute bags had a revenue of ₹170 and a profit of ₹60. What were its costs (in ₹)?
4. 4.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner keeps all profit (d) simplest to start
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
6. 6.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) run by directors
7. 7.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
8. 8.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
9. 9.A small business selling clay diyas had a revenue of ₹420 and a profit of ₹130. What were its costs (in ₹)?
10. 10.🎂 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
11. 11.A small business sells 21 cupcakes at ₹15 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
13. 13.True or false: “run by directors” is true of a sole trader. (a) True (b) False
14. 14.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
15. 15.A small business selling glasses of chai had a revenue of ₹870 and a profit of ₹830. What were its costs (in ₹)?
16. 16.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
17. 17.A small business selling glasses of chai had a revenue of ₹70 and a profit of ₹30. What were its costs (in ₹)?
18. 18.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
19. 19.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
20. 20.A small business selling fruit cups had a revenue of ₹1365 and a profit of ₹445. What were its costs (in ₹)?
21. 21.A small business sells 16 cups of lemonade at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
23. 23.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
24. 24.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
25. 25.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) a separate legal body
26. 26.A small business sells 55 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
27. 27.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
28. 28.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
29. 29.A small business selling fruit cups had a revenue of ₹220 and a profit of ₹160. What were its costs (in ₹)?
30. 30.A small business sells 56 potted plants at ₹45 each. Its costs are ₹680. What is its profit (in ₹)?
31. 31.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
32. 32.A small business selling fruit cups had a revenue of ₹575 and a profit of ₹25. What were its costs (in ₹)?
33. 33.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
34. 34.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) run by directors
36. 36.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 37 handmade cards at ₹20 each. Its costs are ₹680. What is its profit (in ₹)?
38. 38.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) simplest to start
39. 39.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
40. 40.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue

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