Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 82 · 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 cups of lemonade had a revenue of ₹600 and a profit of ₹20. What were its costs (in ₹)?
2. 2.A small business selling cups of lemonade had a revenue of ₹1900 and a profit of ₹670. What were its costs (in ₹)?
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
6. 6.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
7. 7.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
8. 8.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
10. 10.True or false: “owner owes the debts” is true of a company. (a) False (b) True
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
12. 12.A small business sells 13 jute bags at ₹25 each. What is its revenue (in ₹)?
13. 13.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) a separate legal body
14. 14.True or false: “a separate legal body” is true of a company. (a) True (b) False
15. 15.A small business sells 47 jute bags at ₹45 each. Its costs are ₹480. What is its profit (in ₹)?
16. 16.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
17. 17.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
18. 18.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
19. 19.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
20. 20.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
21. 21.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
22. 22.A small business sells 51 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
23. 23.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
25. 25.A small business selling potted plants had a revenue of ₹540 and a profit of ₹340. What were its costs (in ₹)?
26. 26.A small business sells 10 handmade cards at ₹45 each. Its costs are ₹170. What is its profit (in ₹)?
27. 27.A small business sells 60 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
28. 28.A small business selling cups of lemonade had a revenue of ₹1000 and a profit of ₹740. What were its costs (in ₹)?
29. 29.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
30. 30.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) run by directors
31. 31.A small business selling painted pebbles had a revenue of ₹920 and a profit of ₹910. What were its costs (in ₹)?
32. 32.A small business selling cups of lemonade had a revenue of ₹465 and a profit of ₹165. What were its costs (in ₹)?
33. 33.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
34. 34.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
35. 35.A small business selling painted pebbles had a revenue of ₹480 and a profit of ₹420. What were its costs (in ₹)?
36. 36.A small business sells 20 painted pebbles at ₹40 each. Its costs are ₹110. What is its profit (in ₹)?
37. 37.A small business sells 22 clay diyas at ₹45 each. What is its revenue (in ₹)?
38. 38.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
39. 39.A small business sells 31 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
40. 40.📊 Revenue or profit: left after all costs? (a) revenue (b) profit

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