Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 221 · 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: run by directors? (a) a sole trader (b) a company
2. 2.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.A small business sells 40 fruit cups at ₹40 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) run by directors
6. 6.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
7. 7.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
8. 8.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
10. 10.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
11. 11.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
12. 12.A small business sells 15 potted plants at ₹40 each. Its costs are ₹240. What is its profit (in ₹)?
13. 13.🎂 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
14. 14.A small business selling cups of lemonade had a revenue of ₹580 and a profit of ₹380. What were its costs (in ₹)?
15. 15.True or false: “one owner runs it” is true of a company. (a) True (b) False
16. 16.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
17. 17.True or false: “owner owes the debts” is true of a company. (a) True (b) False
18. 18.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
19. 19.A small business selling fruit cups had a revenue of ₹270 and a profit of ₹260. What were its costs (in ₹)?
20. 20.A small business sells 42 glasses of chai at ₹30 each. Its costs are ₹1200. What is its profit (in ₹)?
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
22. 22.A small business selling potted plants had a revenue of ₹260 and a profit of ₹210. What were its costs (in ₹)?
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
24. 24.A small business sells 37 potted plants at ₹30 each. What is its revenue (in ₹)?
25. 25.A small business sells 27 jute bags at ₹30 each. What is its revenue (in ₹)?
26. 26.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) simplest to start (d) owner owes the debts
27. 27.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
28. 28.A small business selling paper bookmarks had a revenue of ₹75 and a profit of ₹65. What were its costs (in ₹)?
29. 29.A small business selling cupcakes had a revenue of ₹1925 and a profit of ₹585. What were its costs (in ₹)?
30. 30.A small business sells 20 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
31. 31.A small business sells 30 friendship bands at ₹20 each. Its costs are ₹590. What is its profit (in ₹)?
32. 32.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
33. 33.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
34. 34.A small business selling bags of popcorn had a revenue of ₹495 and a profit of ₹105. What were its costs (in ₹)?
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
36. 36.A small business selling glasses of chai had a revenue of ₹975 and a profit of ₹55. What were its costs (in ₹)?
37. 37.A small business sells 40 friendship bands at ₹5 each. What is its revenue (in ₹)?
38. 38.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
39. 39.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owned by shareholders (d) a separate legal body
40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False

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