Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 19 · 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: owner keeps all profit? (a) a company (b) a sole trader
2. 2.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
3. 3.True or false: “one owner runs it” is true of a company. (a) True (b) False
4. 4.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
5. 5.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
6. 6.A small business sells 42 clay diyas at ₹15 each. Its costs are ₹570. What is its profit (in ₹)?
7. 7.A small business sells 36 fruit cups at ₹25 each. What is its revenue (in ₹)?
8. 8.A small business selling potted plants had a revenue of ₹920 and a profit of ₹510. What were its costs (in ₹)?
9. 9.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner owes the debts (d) simplest to start
10. 10.True or false: “run by directors” is true of a sole trader. (a) True (b) False
11. 11.A small business sells 54 friendship bands at ₹45 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owned by shareholders (d) run by directors
13. 13.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
14. 14.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner owes the debts
15. 15.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
16. 16.A small business sells 19 painted pebbles at ₹35 each. Its costs are ₹190. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
18. 18.A small business sells 16 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
19. 19.A small business sells 33 glasses of chai at ₹5 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) owned by shareholders
21. 21.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
22. 22.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
23. 23.A small business sells 25 cups of lemonade at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
24. 24.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
25. 25.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
26. 26.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
27. 27.A small business sells 57 painted pebbles at ₹15 each. What is its revenue (in ₹)?
28. 28.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner keeps all profit
30. 30.A small business sells 30 handmade cards at ₹30 each. What is its revenue (in ₹)?
31. 31.A small business sells 51 potted plants at ₹5 each. What is its revenue (in ₹)?
32. 32.A small business sells 59 painted pebbles at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
33. 33.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
34. 34.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
35. 35.A small business selling friendship bands had a revenue of ₹280 and a profit of ₹130. What were its costs (in ₹)?
36. 36.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
37. 37.True or false: “owner owes the debts” is true of a company. (a) True (b) False
38. 38.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
39. 39.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
40. 40.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company

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