Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 896 · 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 company? (a) run by directors (b) one owner runs it (c) simplest to start (d) owner owes the debts
2. 2.A small business sells 21 potted plants at ₹35 each. Its costs are ₹670. What is its profit (in ₹)?
3. 3.A small business sells 30 glasses of chai at ₹20 each. What is its revenue (in ₹)?
4. 4.A small business sells 58 painted pebbles at ₹15 each. What is its revenue (in ₹)?
5. 5.A small business sells 53 clay diyas at ₹5 each. Its costs are ₹160. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
7. 7.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
8. 8.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
9. 9.A small business selling paper bookmarks had a revenue of ₹120 and a profit of ₹80. What were its costs (in ₹)?
10. 10.A small business sells 36 friendship bands at ₹45 each. What is its revenue (in ₹)?
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
13. 13.A small business selling painted pebbles had a revenue of ₹2030 and a profit of ₹1980. What were its costs (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner keeps all profit
17. 17.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
18. 18.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
19. 19.A small business selling friendship bands had a revenue of ₹1470 and a profit of ₹470. What were its costs (in ₹)?
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
21. 21.A small business sells 28 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
23. 23.A small business sells 45 fruit cups at ₹40 each. Its costs are ₹1360. What is its profit (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) simplest to start
25. 25.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
27. 27.True or false: “a separate legal body” is true of a company. (a) False (b) True
28. 28.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
31. 31.A small business selling cupcakes had a revenue of ₹1250 and a profit of ₹1080. What were its costs (in ₹)?
32. 32.True or false: “owned by shareholders” is true of a company. (a) True (b) False
33. 33.A small business selling clay diyas had a revenue of ₹2030 and a profit of ₹200. What were its costs (in ₹)?
34. 34.A small business sells 52 fruit cups at ₹45 each. What is its revenue (in ₹)?
35. 35.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owned by shareholders (d) a separate legal body
36. 36.A small business sells 56 cups of lemonade at ₹50 each. Its costs are ₹1920. What is its profit (in ₹)?
37. 37.A small business sells 21 painted pebbles at ₹40 each. Its costs are ₹710. What is its profit (in ₹)?
38. 38.A small business selling paper bookmarks had a revenue of ₹750 and a profit of ₹460. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
40. 40.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) owner keeps all profit

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