Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 88 · 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 jute bags had a revenue of ₹600 and a profit of ₹520. What were its costs (in ₹)?
2. 2.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
3. 3.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
5. 5.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
6. 6.A small business selling cups of lemonade had a revenue of ₹585 and a profit of ₹195. What were its costs (in ₹)?
7. 7.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
8. 8.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
9. 9.A small business sells 17 clay diyas at ₹30 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
11. 11.A small business sells 23 fruit cups at ₹40 each. What is its revenue (in ₹)?
12. 12.A small business sells 10 cupcakes at ₹45 each. Its costs are ₹80. What is its profit (in ₹)?
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
15. 15.A small business selling potted plants had a revenue of ₹1170 and a profit of ₹690. What were its costs (in ₹)?
16. 16.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
19. 19.True or false: “simplest to start” is true of a company. (a) False (b) True
20. 20.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
21. 21.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 owes the debts
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
24. 24.True or false: “run by directors” is true of a sole trader. (a) False (b) True
25. 25.A small business sells 52 jute bags at ₹15 each. Its costs are ₹700. What is its profit (in ₹)?
26. 26.A small business selling paper bookmarks had a revenue of ₹770 and a profit of ₹450. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
28. 28.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner keeps all profit (d) owners’ risk is limited
30. 30.A small business sells 58 glasses of chai at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business sells 45 jute bags at ₹5 each. What is its revenue (in ₹)?
32. 32.True or false: “owner owes the debts” is true of a company. (a) True (b) False
33. 33.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) simplest to start
34. 34.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 38 glasses of chai at ₹45 each. What is its revenue (in ₹)?
36. 36.A small business sells 41 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
37. 37.A small business sells 37 jute bags at ₹35 each. What is its revenue (in ₹)?
38. 38.A small business sells 51 painted pebbles at ₹45 each. What is its revenue (in ₹)?
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
40. 40.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank

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