Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 194 · 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: one owner runs it? (a) a sole trader (b) a company
2. 2.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
3. 3.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner keeps all profit (d) simplest to start
6. 6.A small business sells 40 cupcakes at ₹25 each. What is its revenue (in ₹)?
7. 7.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
8. 8.True or false: “simplest to start” is true of a company. (a) True (b) False
9. 9.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner owes the debts
11. 11.A small business sells 34 handmade cards at ₹25 each. Its costs are ₹140. What is its profit (in ₹)?
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
14. 14.A small business sells 54 glasses of chai at ₹15 each. Its costs are ₹510. What is its profit (in ₹)?
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
16. 16.A small business selling jute bags had a revenue of ₹560 and a profit of ₹530. What were its costs (in ₹)?
17. 17.True or false: “run by directors” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 11 jute bags at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
19. 19.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
20. 20.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
21. 21.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
22. 22.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
23. 23.A small business sells 49 clay diyas at ₹45 each. What is its revenue (in ₹)?
24. 24.True or false: “run by directors” is true of a company. (a) False (b) True
25. 25.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
26. 26.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
27. 27.A small business selling clay diyas had a revenue of ₹260 and a profit of ₹230. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
29. 29.A small business selling fruit cups had a revenue of ₹300 and a profit of ₹140. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
31. 31.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
32. 32.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
33. 33.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
34. 34.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) simplest to start
35. 35.A small business selling fruit cups had a revenue of ₹1740 and a profit of ₹420. What were its costs (in ₹)?
36. 36.True or false: “one owner runs it” is true of a company. (a) False (b) True
37. 37.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) run by directors
38. 38.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
39. 39.A small business sells 54 painted pebbles at ₹40 each. What is its revenue (in ₹)?
40. 40.A small business sells 34 clay diyas at ₹20 each. What is its revenue (in ₹)?

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