Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 858 · 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.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
2. 2.A small business sells 43 jute bags at ₹35 each. Its costs are ₹1280. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
4. 4.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
5. 5.A small business selling painted pebbles had a revenue of ₹1425 and a profit of ₹465. What were its costs (in ₹)?
6. 6.A small business sells 38 paper bookmarks at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
7. 7.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
8. 8.A small business selling friendship bands had a revenue of ₹380 and a profit of ₹370. What were its costs (in ₹)?
9. 9.True or false: “a separate legal body” is true of a company. (a) False (b) True
10. 10.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
11. 11.A small business sells 10 glasses of chai at ₹20 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.A small business sells 26 fruit cups at ₹50 each. Its costs are ₹210. What is its profit (in ₹)?
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
16. 16.True or false: “run by directors” is true of a sole trader. (a) False (b) True
17. 17.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
18. 18.A small business sells 25 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
19. 19.A small business sells 58 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
20. 20.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
21. 21.A small business selling painted pebbles had a revenue of ₹2200 and a profit of ₹1750. What were its costs (in ₹)?
22. 22.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) run by directors
23. 23.A small business sells 16 handmade cards at ₹45 each. Its costs are ₹670. What is its profit (in ₹)?
24. 24.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
25. 25.A small business sells 48 handmade cards at ₹15 each. Its costs are ₹510. What is its profit (in ₹)?
26. 26.A small business selling fruit cups had a revenue of ₹600 and a profit of ₹90. What were its costs (in ₹)?
27. 27.A small business sells 14 friendship bands at ₹50 each. Its costs are ₹100. What is its profit (in ₹)?
28. 28.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owners’ risk is limited
30. 30.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
31. 31.A small business selling paper bookmarks had a revenue of ₹2050 and a profit of ₹1910. What were its costs (in ₹)?
32. 32.A small business selling jute bags had a revenue of ₹1080 and a profit of ₹920. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
34. 34.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
35. 35.A small business sells 48 friendship bands at ₹15 each. What is its revenue (in ₹)?
36. 36.A small business sells 14 friendship bands at ₹50 each. Its costs are ₹120. What is its profit (in ₹)?
37. 37.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
38. 38.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
39. 39.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
40. 40.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company

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