Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 876 · 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 sells 38 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
2. 2.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
3. 3.A small business selling cups of lemonade had a revenue of ₹1620 and a profit of ₹380. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
5. 5.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
6. 6.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) simplest to start
8. 8.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
9. 9.A small business sells 51 painted pebbles at ₹5 each. What is its revenue (in ₹)?
10. 10.A small business sells 50 jute bags at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
11. 11.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) a separate legal body
13. 13.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
14. 14.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
15. 15.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
16. 16.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
17. 17.A small business sells 50 cups of lemonade at ₹10 each. Its costs are ₹260. What is its profit (in ₹)?
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
19. 19.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
20. 20.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) simplest to start
21. 21.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
22. 22.True or false: “owner owes the debts” is true of a company. (a) True (b) False
23. 23.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
24. 24.A small business sells 50 fruit cups at ₹35 each. What is its revenue (in ₹)?
25. 25.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
26. 26.A small business sells 60 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
27. 27.A small business selling potted plants had a revenue of ₹230 and a profit of ₹70. What were its costs (in ₹)?
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) run by directors
29. 29.A small business selling cupcakes had a revenue of ₹240 and a profit of ₹150. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
31. 31.A small business sells 43 friendship bands at ₹40 each. Its costs are ₹490. What is its profit (in ₹)?
32. 32.A small business sells 40 glasses of chai at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
33. 33.A small business sells 18 painted pebbles at ₹25 each. What is its revenue (in ₹)?
34. 34.A small business sells 28 handmade cards at ₹10 each. Its costs are ₹240. What is its profit (in ₹)?
35. 35.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
36. 36.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
37. 37.A small business sells 54 glasses of chai at ₹20 each. Its costs are ₹1020. What is its profit (in ₹)?
38. 38.A small business sells 14 cupcakes at ₹35 each. What is its revenue (in ₹)?
39. 39.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
40. 40.📊 Revenue or profit: price × number sold? (a) revenue (b) profit

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