Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 79 · 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: left after all costs? (a) revenue (b) profit
2. 2.True or false: “one owner runs it” is true of a company. (a) True (b) False
3. 3.A small business selling clay diyas had a revenue of ₹375 and a profit of ₹325. What were its costs (in ₹)?
4. 4.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
5. 5.True or false: “a separate legal body” is true of a company. (a) False (b) True
6. 6.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) owned by shareholders
7. 7.A small business sells 51 cupcakes at ₹40 each. Its costs are ₹1340. What is its profit (in ₹)?
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
9. 9.A small business selling potted plants had a revenue of ₹2450 and a profit of ₹1010. What were its costs (in ₹)?
10. 10.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
11. 11.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
12. 12.True or false: “owned by shareholders” is true of a company. (a) True (b) False
13. 13.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
14. 14.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.A small business selling glasses of chai had a revenue of ₹190 and a profit of ₹120. What were its costs (in ₹)?
17. 17.True or false: “run by directors” is true of a company. (a) True (b) False
18. 18.A small business sells 17 bags of popcorn at ₹45 each. Its costs are ₹680. What is its profit (in ₹)?
19. 19.A small business sells 15 clay diyas at ₹10 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
21. 21.A small business selling clay diyas had a revenue of ₹525 and a profit of ₹375. What were its costs (in ₹)?
22. 22.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
23. 23.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
24. 24.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
25. 25.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 keeps all profit
26. 26.A small business sells 57 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
27. 27.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) simplest to start (d) a separate legal body
28. 28.True or false: “run by directors” is true of a sole trader. (a) False (b) True
29. 29.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.A small business sells 25 glasses of chai at ₹25 each. Its costs are ₹380. What is its profit (in ₹)?
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
33. 33.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
34. 34.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
35. 35.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) run by directors
36. 36.A small business sells 26 handmade cards at ₹40 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) simplest to start (d) owner keeps all profit
38. 38.A small business selling glasses of chai had a revenue of ₹1400 and a profit of ₹790. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
40. 40.A small business sells 38 cups of lemonade at ₹15 each. Its costs are ₹220. What is its profit (in ₹)?

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