Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 816 · 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.True or false: “run by directors” is true of a company. (a) True (b) False
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.A small business sells 50 glasses of chai at ₹50 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
5. 5.A small business selling glasses of chai had a revenue of ₹540 and a profit of ₹300. What were its costs (in ₹)?
6. 6.A small business sells 13 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
7. 7.A small business sells 40 bags of popcorn at ₹50 each. Its costs are ₹350. What is its profit (in ₹)?
8. 8.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner keeps all profit (d) one owner runs it
9. 9.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
10. 10.A small business sells 34 fruit cups at ₹10 each. What is its revenue (in ₹)?
11. 11.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
12. 12.A small business selling friendship bands had a revenue of ₹275 and a profit of ₹245. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
14. 14.True or false: “one owner runs it” is true of a company. (a) True (b) False
15. 15.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
17. 17.A small business selling fruit cups had a revenue of ₹295 and a profit of ₹95. What were its costs (in ₹)?
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) simplest to start
19. 19.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
20. 20.A small business sells 46 potted plants at ₹40 each. Its costs are ₹260. What is its profit (in ₹)?
21. 21.A small business sells 43 handmade cards at ₹15 each. What is its revenue (in ₹)?
22. 22.A small business selling clay diyas had a revenue of ₹410 and a profit of ₹70. What were its costs (in ₹)?
23. 23.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
24. 24.A small business sells 23 jute bags at ₹50 each. What is its revenue (in ₹)?
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 12 potted plants at ₹25 each. What is its revenue (in ₹)?
27. 27.A small business sells 43 jute bags at ₹35 each. What is its revenue (in ₹)?
28. 28.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
29. 29.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) owner owes the debts
30. 30.True or false: “owned by shareholders” is true of a company. (a) False (b) True
31. 31.True or false: “a separate legal body” is true of a company. (a) True (b) False
32. 32.A small business sells 13 glasses of chai at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
33. 33.📜 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
34. 34.A small business selling handmade cards had a revenue of ₹1980 and a profit of ₹1240. What were its costs (in ₹)?
35. 35.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
36. 36.A small business sells 34 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
38. 38.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
39. 39.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
40. 40.A small business sells 28 painted pebbles at ₹20 each. What is its revenue (in ₹)?

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