Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 949 · 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 sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
2. 2.A small business sells 17 paper bookmarks at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
3. 3.A small business sells 40 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
4. 4.A small business sells 37 glasses of chai at ₹30 each. Its costs are ₹10. What is its profit (in ₹)?
5. 5.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
6. 6.A small business sells 50 glasses of chai at ₹5 each. What is its revenue (in ₹)?
7. 7.A small business sells 16 cups of lemonade at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
9. 9.A small business selling cupcakes had a revenue of ₹440 and a profit of ₹120. What were its costs (in ₹)?
10. 10.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
11. 11.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
12. 12.A small business sells 31 paper bookmarks at ₹15 each. Its costs are ₹70. What is its profit (in ₹)?
13. 13.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
14. 14.🎂 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
15. 15.A small business selling bags of popcorn had a revenue of ₹560 and a profit of ₹410. What were its costs (in ₹)?
16. 16.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
17. 17.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
18. 18.A small business selling friendship bands had a revenue of ₹480 and a profit of ₹300. What were its costs (in ₹)?
19. 19.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) owners’ risk is limited
20. 20.True or false: “owned by shareholders” is true of a company. (a) True (b) False
21. 21.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
22. 22.A small business sells 36 potted plants at ₹5 each. What is its revenue (in ₹)?
23. 23.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
24. 24.A small business sells 39 potted plants at ₹45 each. Its costs are ₹60. What is its profit (in ₹)?
25. 25.A small business sells 34 glasses of chai at ₹45 each. Its costs are ₹250. What is its profit (in ₹)?
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
27. 27.A small business selling fruit cups had a revenue of ₹1160 and a profit of ₹790. What were its costs (in ₹)?
28. 28.A small business sells 44 fruit cups at ₹35 each. Its costs are ₹1130. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
30. 30.True or false: “run by directors” is true of a company. (a) False (b) True
31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
32. 32.A small business sells 29 glasses of chai at ₹25 each. Its costs are ₹600. What is its profit (in ₹)?
33. 33.A small business sells 36 jute bags at ₹5 each. What is its revenue (in ₹)?
34. 34.True or false: “one owner runs it” is true of a company. (a) True (b) False
35. 35.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
36. 36.A small business selling potted plants had a revenue of ₹360 and a profit of ₹330. What were its costs (in ₹)?
37. 37.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) run by directors
38. 38.A small business selling clay diyas had a revenue of ₹660 and a profit of ₹290. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
40. 40.A small business sells 58 clay diyas at ₹15 each. Its costs are ₹400. What is its profit (in ₹)?

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