Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 991 · 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.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
2. 2.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) one owner runs it (d) owner keeps all profit
3. 3.A small business sells 17 cupcakes at ₹20 each. What is its revenue (in ₹)?
4. 4.A small business selling cups of lemonade had a revenue of ₹2150 and a profit of ₹1970. What were its costs (in ₹)?
5. 5.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) simplest to start (d) owner keeps all profit
6. 6.True or false: “run by directors” is true of a sole trader. (a) True (b) False
7. 7.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
8. 8.A small business selling glasses of chai had a revenue of ₹260 and a profit of ₹70. What were its costs (in ₹)?
9. 9.A small business sells 25 fruit cups at ₹40 each. Its costs are ₹380. What is its profit (in ₹)?
10. 10.True or false: “owner owes the debts” is true of a company. (a) True (b) False
11. 11.A small business selling cupcakes had a revenue of ₹760 and a profit of ₹190. What were its costs (in ₹)?
12. 12.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
13. 13.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.A small business sells 14 friendship bands at ₹30 each. What is its revenue (in ₹)?
17. 17.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
18. 18.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
19. 19.A small business sells 39 glasses of chai at ₹10 each. What is its revenue (in ₹)?
20. 20.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
21. 21.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) simplest to start
22. 22.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
23. 23.A small business selling painted pebbles had a revenue of ₹115 and a profit of ₹95. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
25. 25.A small business sells 19 glasses of chai at ₹35 each. What is its revenue (in ₹)?
26. 26.A small business selling fruit cups had a revenue of ₹190 and a profit of ₹110. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.A small business selling jute bags had a revenue of ₹840 and a profit of ₹700. What were its costs (in ₹)?
29. 29.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
30. 30.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
31. 31.A small business selling painted pebbles had a revenue of ₹1150 and a profit of ₹1130. What were its costs (in ₹)?
32. 32.True or false: “run by directors” is true of a company. (a) True (b) False
33. 33.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
34. 34.A small business sells 54 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
35. 35.A small business sells 16 potted plants at ₹30 each. What is its revenue (in ₹)?
36. 36.A small business sells 39 jute bags at ₹20 each. Its costs are ₹480. What is its profit (in ₹)?
37. 37.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owned by shareholders (d) a separate legal body
38. 38.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
39. 39.A small business sells 21 clay diyas at ₹35 each. Its costs are ₹120. What is its profit (in ₹)?
40. 40.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) owners’ risk is limited

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