Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 151 · 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.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
3. 3.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
4. 4.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
5. 5.A small business selling cups of lemonade had a revenue of ₹585 and a profit of ₹255. What were its costs (in ₹)?
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
8. 8.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
9. 9.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
10. 10.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) one owner runs it
11. 11.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) a separate legal body (d) owners’ risk is limited
12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
13. 13.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
14. 14.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner keeps all profit (d) owner owes the debts
15. 15.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
16. 16.True or false: “simplest to start” is true of a company. (a) False (b) True
17. 17.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
18. 18.A small business sells 49 glasses of chai at ₹30 each. What is its revenue (in ₹)?
19. 19.A small business selling paper bookmarks had a revenue of ₹1470 and a profit of ₹1260. What were its costs (in ₹)?
20. 20.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
21. 21.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
22. 22.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
23. 23.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
24. 24.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
25. 25.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
26. 26.A small business sells 22 cups of lemonade at ₹35 each. Its costs are ₹360. What is its profit (in ₹)?
27. 27.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
28. 28.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
29. 29.A small business sells 24 glasses of chai at ₹50 each. Its costs are ₹710. What is its profit (in ₹)?
30. 30.A small business selling cups of lemonade had a revenue of ₹490 and a profit of ₹360. What were its costs (in ₹)?
31. 31.A small business sells 12 handmade cards at ₹15 each. Its costs are ₹50. What is its profit (in ₹)?
32. 32.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
33. 33.A small business selling paper bookmarks had a revenue of ₹650 and a profit of ₹200. 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 selling cupcakes had a revenue of ₹1575 and a profit of ₹75. What were its costs (in ₹)?
36. 36.A small business sells 28 cupcakes at ₹25 each. What is its revenue (in ₹)?
37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
38. 38.A small business sells 45 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
39. 39.A small business sells 10 clay diyas at ₹25 each. Its costs are ₹70. What is its profit (in ₹)?
40. 40.A small business sells 55 paper bookmarks at ₹40 each. Its costs are ₹210. What is its profit (in ₹)?

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