Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 920 · 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: price × number sold? (a) profit (b) revenue
2. 2.📜 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
3. 3.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
4. 4.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
5. 5.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) run by directors
6. 6.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
7. 7.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner keeps all profit
8. 8.True or false: “owned by shareholders” is true of a company. (a) False (b) True
9. 9.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
10. 10.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
12. 12.A small business selling cups of lemonade had a revenue of ₹360 and a profit of ₹330. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
14. 14.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
17. 17.A small business selling cups of lemonade had a revenue of ₹560 and a profit of ₹310. What were its costs (in ₹)?
18. 18.A small business selling glasses of chai had a revenue of ₹1800 and a profit of ₹1080. What were its costs (in ₹)?
19. 19.A small business sells 44 fruit cups at ₹35 each. What is its revenue (in ₹)?
20. 20.True or false: “run by directors” is true of a sole trader. (a) False (b) True
21. 21.A small business sells 57 friendship bands at ₹35 each. Its costs are ₹1360. What is its profit (in ₹)?
22. 22.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
23. 23.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
24. 24.A small business sells 29 friendship bands at ₹45 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
26. 26.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owned by shareholders (d) simplest to start
27. 27.A small business selling friendship bands had a revenue of ₹2400 and a profit of ₹1280. What were its costs (in ₹)?
28. 28.A small business selling handmade cards had a revenue of ₹1800 and a profit of ₹1570. What were its costs (in ₹)?
29. 29.A small business selling potted plants had a revenue of ₹190 and a profit of ₹120. What were its costs (in ₹)?
30. 30.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
31. 31.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
32. 32.A small business sells 19 cupcakes at ₹50 each. What is its revenue (in ₹)?
33. 33.A small business selling potted plants had a revenue of ₹360 and a profit of ₹260. What were its costs (in ₹)?
34. 34.True or false: “one owner runs it” is true of a company. (a) False (b) True
35. 35.A small business sells 46 potted plants at ₹10 each. What is its revenue (in ₹)?
36. 36.A small business sells 16 glasses of chai at ₹15 each. Its costs are ₹190. What is its profit (in ₹)?
37. 37.A small business sells 17 potted plants at ₹30 each. What is its revenue (in ₹)?
38. 38.A small business selling glasses of chai had a revenue of ₹570 and a profit of ₹480. What were its costs (in ₹)?
39. 39.A small business sells 40 jute bags at ₹25 each. What is its revenue (in ₹)?
40. 40.A small business sells 21 cups of lemonade at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?

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