Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 886 · 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 53 glasses of chai at ₹10 each. What is its revenue (in ₹)?
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
4. 4.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) simplest to start
5. 5.A small business selling clay diyas had a revenue of ₹330 and a profit of ₹60. What were its costs (in ₹)?
6. 6.A small business selling cups of lemonade had a revenue of ₹1080 and a profit of ₹280. What were its costs (in ₹)?
7. 7.A small business sells 56 potted plants at ₹40 each. Its costs are ₹1070. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
11. 11.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
12. 12.A small business selling potted plants had a revenue of ₹350 and a profit of ₹280. What were its costs (in ₹)?
13. 13.A small business selling clay diyas had a revenue of ₹140 and a profit of ₹110. What were its costs (in ₹)?
14. 14.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owned by shareholders (d) owner owes the debts
16. 16.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
17. 17.A small business sells 51 painted pebbles at ₹45 each. What is its revenue (in ₹)?
18. 18.A small business sells 29 friendship bands at ₹50 each. Its costs are ₹1280. What is its profit (in ₹)?
19. 19.A small business selling bags of popcorn had a revenue of ₹1520 and a profit of ₹1250. What were its costs (in ₹)?
20. 20.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
21. 21.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
22. 22.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
23. 23.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) one owner runs it
25. 25.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
26. 26.A small business sells 15 potted plants at ₹30 each. Its costs are ₹110. What is its profit (in ₹)?
27. 27.A small business sells 37 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
28. 28.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) owners’ risk is limited (d) run by directors
30. 30.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
31. 31.A small business sells 24 bags of popcorn at ₹40 each. Its costs are ₹570. What is its profit (in ₹)?
32. 32.True or false: “simplest to start” is true of a company. (a) False (b) True
33. 33.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) run by directors (d) owned by shareholders
34. 34.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
35. 35.A small business selling bags of popcorn had a revenue of ₹1840 and a profit of ₹1810. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
37. 37.A small business sells 42 friendship bands at ₹35 each. Its costs are ₹110. What is its profit (in ₹)?
38. 38.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
39. 39.A small business sells 47 clay diyas at ₹40 each. Its costs are ₹1760. What is its profit (in ₹)?
40. 40.A small business selling cupcakes had a revenue of ₹420 and a profit of ₹70. What were its costs (in ₹)?

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