Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 163 · 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.True or false: “owned by shareholders” is true of a company. (a) True (b) False
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) a separate legal body
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.A small business sells 44 handmade cards at ₹15 each. Its costs are ₹500. What is its profit (in ₹)?
5. 5.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) a separate legal body
6. 6.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
7. 7.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
8. 8.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) simplest to start
11. 11.A small business selling glasses of chai had a revenue of ₹1100 and a profit of ₹540. What were its costs (in ₹)?
12. 12.True or false: “owner owes the debts” is true of a company. (a) True (b) False
13. 13.A small business sells 11 handmade cards at ₹45 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
15. 15.A small business selling handmade cards had a revenue of ₹1620 and a profit of ₹660. What were its costs (in ₹)?
16. 16.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
17. 17.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
18. 18.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
19. 19.A small business sells 16 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
20. 20.A small business sells 23 fruit cups at ₹35 each. What is its revenue (in ₹)?
21. 21.A small business selling glasses of chai had a revenue of ₹2120 and a profit of ₹2010. What were its costs (in ₹)?
22. 22.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
23. 23.A small business selling potted plants had a revenue of ₹2500 and a profit of ₹200. What were its costs (in ₹)?
24. 24.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
25. 25.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
26. 26.A small business sells 57 fruit cups at ₹25 each. What is its revenue (in ₹)?
27. 27.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) owner keeps all profit
28. 28.A small business sells 29 clay diyas at ₹35 each. What is its revenue (in ₹)?
29. 29.A small business sells 53 cupcakes at ₹15 each. What is its revenue (in ₹)?
30. 30.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
31. 31.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
32. 32.A small business sells 22 handmade cards at ₹20 each. What is its revenue (in ₹)?
33. 33.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
34. 34.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
35. 35.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
36. 36.A small business sells 45 jute bags at ₹50 each. Its costs are ₹1450. What is its profit (in ₹)?
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
38. 38.A small business selling potted plants had a revenue of ₹75 and a profit of ₹25. What were its costs (in ₹)?
39. 39.A small business sells 49 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
40. 40.A small business sells 29 bags of popcorn at ₹15 each. Its costs are ₹290. What is its profit (in ₹)?

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