Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 161 · 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 sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
2. 2.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
3. 3.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
5. 5.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) run by directors (d) owners’ risk is limited
6. 6.A small business selling glasses of chai had a revenue of ₹3000 and a profit of ₹1810. What were its costs (in ₹)?
7. 7.A small business selling clay diyas had a revenue of ₹2100 and a profit of ₹170. What were its costs (in ₹)?
8. 8.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
9. 9.A small business sells 47 fruit cups at ₹20 each. What is its revenue (in ₹)?
10. 10.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
11. 11.A small business sells 25 clay diyas at ₹10 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
13. 13.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
14. 14.A small business sells 43 jute bags at ₹40 each. What is its revenue (in ₹)?
15. 15.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
16. 16.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
17. 17.A small business sells 16 painted pebbles at ₹40 each. Its costs are ₹250. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
19. 19.A small business sells 29 friendship bands at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
21. 21.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) run by directors
22. 22.A small business selling cupcakes had a revenue of ₹360 and a profit of ₹110. What were its costs (in ₹)?
23. 23.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner owes the debts (d) one owner runs it
24. 24.A small business sells 11 clay diyas at ₹45 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
26. 26.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
27. 27.A small business selling fruit cups had a revenue of ₹310 and a profit of ₹90. What were its costs (in ₹)?
28. 28.A small business sells 16 clay diyas at ₹35 each. What is its revenue (in ₹)?
29. 29.A small business sells 19 clay diyas at ₹5 each. What is its revenue (in ₹)?
30. 30.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
31. 31.A small business sells 41 potted plants at ₹15 each. What is its revenue (in ₹)?
32. 32.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
33. 33.A small business sells 17 clay diyas at ₹40 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
35. 35.True or false: “run by directors” is true of a company. (a) True (b) False
36. 36.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 54 jute bags at ₹20 each. Its costs are ₹410. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
39. 39.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
40. 40.A small business sells 29 clay diyas at ₹35 each. Its costs are ₹400. What is its profit (in ₹)?

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