Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 90 · 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.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.🎂 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
4. 4.A small business sells 15 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
5. 5.A small business sells 21 jute bags at ₹40 each. Its costs are ₹290. What is its profit (in ₹)?
6. 6.A small business sells 22 handmade cards at ₹30 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
8. 8.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
9. 9.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
10. 10.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
13. 13.A small business selling cups of lemonade had a revenue of ₹120 and a profit of ₹30. What were its costs (in ₹)?
14. 14.True or false: “one owner runs it” is true of a company. (a) False (b) True
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
17. 17.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
18. 18.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner keeps all profit (d) owner owes the debts
19. 19.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
20. 20.True or false: “simplest to start” is true of a company. (a) False (b) True
21. 21.A small business selling glasses of chai had a revenue of ₹390 and a profit of ₹120. What were its costs (in ₹)?
22. 22.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
23. 23.A small business sells 53 bags of popcorn at ₹40 each. Its costs are ₹1100. What is its profit (in ₹)?
24. 24.A small business selling handmade cards had a revenue of ₹2050 and a profit of ₹410. What were its costs (in ₹)?
25. 25.True or false: “run by directors” is true of a sole trader. (a) False (b) True
26. 26.A small business selling handmade cards had a revenue of ₹2200 and a profit of ₹1140. What were its costs (in ₹)?
27. 27.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
28. 28.A small business sells 25 clay diyas at ₹25 each. What is its revenue (in ₹)?
29. 29.A small business sells 24 handmade cards at ₹20 each. Its costs are ₹450. What is its profit (in ₹)?
30. 30.A small business sells 56 cups of lemonade at ₹20 each. Its costs are ₹980. What is its profit (in ₹)?
31. 31.A small business sells 28 cupcakes at ₹40 each. Its costs are ₹720. What is its profit (in ₹)?
32. 32.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
33. 33.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
34. 34.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
35. 35.A small business selling paper bookmarks had a revenue of ₹825 and a profit of ₹135. What were its costs (in ₹)?
36. 36.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) one owner runs it
37. 37.A small business sells 29 painted pebbles at ₹10 each. Its costs are ₹160. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
39. 39.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owned by shareholders
40. 40.A small business selling cups of lemonade had a revenue of ₹665 and a profit of ₹135. What were its costs (in ₹)?

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