Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 856 · 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.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) run by directors (d) owners’ risk is limited
2. 2.True or false: “a separate legal body” is true of a company. (a) True (b) False
3. 3.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner owes the debts (d) run by directors
4. 4.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
5. 5.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
6. 6.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
7. 7.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
8. 8.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner keeps all profit
10. 10.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
11. 11.A small business sells 46 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
12. 12.A small business sells 24 glasses of chai at ₹15 each. What is its revenue (in ₹)?
13. 13.A small business sells 18 cupcakes at ₹25 each. Its costs are ₹140. What is its profit (in ₹)?
14. 14.A small business selling cupcakes had a revenue of ₹1400 and a profit of ₹890. What were its costs (in ₹)?
15. 15.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
16. 16.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
17. 17.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
18. 18.A small business selling handmade cards had a revenue of ₹1640 and a profit of ₹1590. What were its costs (in ₹)?
19. 19.A small business sells 28 potted plants at ₹45 each. What is its revenue (in ₹)?
20. 20.A small business sells 43 glasses of chai at ₹5 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
22. 22.A small business sells 23 jute bags at ₹20 each. Its costs are ₹270. What is its profit (in ₹)?
23. 23.A small business sells 42 painted pebbles at ₹30 each. What is its revenue (in ₹)?
24. 24.A small business sells 31 clay diyas at ₹35 each. What is its revenue (in ₹)?
25. 25.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) run by directors
26. 26.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
27. 27.A small business selling cupcakes had a revenue of ₹1715 and a profit of ₹1035. What were its costs (in ₹)?
28. 28.A small business sells 35 jute bags at ₹5 each. Its costs are ₹90. What is its profit (in ₹)?
29. 29.A small business sells 41 bags of popcorn at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
30. 30.A small business selling jute bags had a revenue of ₹100 and a profit of ₹50. What were its costs (in ₹)?
31. 31.True or false: “owned by shareholders” is true of a company. (a) False (b) True
32. 32.A small business selling painted pebbles had a revenue of ₹165 and a profit of ₹25. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
34. 34.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.A small business sells 41 jute bags at ₹35 each. What is its revenue (in ₹)?
37. 37.A small business selling fruit cups had a revenue of ₹260 and a profit of ₹130. What were its costs (in ₹)?
38. 38.📜 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
39. 39.A small business sells 40 handmade cards at ₹5 each. What is its revenue (in ₹)?
40. 40.A small business sells 51 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