Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 917 · 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 15 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
2. 2.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
3. 3.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
4. 4.True or false: “one owner runs it” is true of a company. (a) True (b) False
5. 5.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
6. 6.A small business sells 41 painted pebbles at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
7. 7.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
8. 8.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
9. 9.A small business sells 52 handmade cards at ₹15 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) run by directors
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
12. 12.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it
15. 15.A small business sells 47 handmade cards at ₹30 each. What is its revenue (in ₹)?
16. 16.A small business sells 38 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
17. 17.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
18. 18.A small business sells 15 potted plants at ₹20 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
20. 20.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
21. 21.A small business sells 59 potted plants at ₹15 each. Its costs are ₹860. What is its profit (in ₹)?
22. 22.True or false: “run by directors” is true of a company. (a) False (b) True
23. 23.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
24. 24.True or false: “owned by shareholders” is true of a company. (a) True (b) False
25. 25.A small business sells 11 friendship bands at ₹20 each. Its costs are ₹120. What is its profit (in ₹)?
26. 26.A small business selling cups of lemonade had a revenue of ₹420 and a profit of ₹10. What were its costs (in ₹)?
27. 27.A small business sells 58 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
28. 28.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
29. 29.A small business selling fruit cups had a revenue of ₹820 and a profit of ₹620. What were its costs (in ₹)?
30. 30.A small business sells 54 handmade cards at ₹35 each. What is its revenue (in ₹)?
31. 31.A small business sells 58 painted pebbles at ₹50 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
33. 33.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
34. 34.A small business sells 39 glasses of chai at ₹35 each. What is its revenue (in ₹)?
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
36. 36.A small business sells 54 painted pebbles at ₹25 each. Its costs are ₹190. What is its profit (in ₹)?
37. 37.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
38. 38.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) owned by shareholders
39. 39.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) run by directors
40. 40.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) simplest to start

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