Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 23 · 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 big company (b) a bank (c) a school club (d) a one-owner business
2. 2.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
4. 4.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
5. 5.A small business selling friendship bands had a revenue of ₹425 and a profit of ₹405. What were its costs (in ₹)?
6. 6.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
7. 7.A small business selling potted plants had a revenue of ₹1150 and a profit of ₹410. What were its costs (in ₹)?
8. 8.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
9. 9.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
10. 10.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
11. 11.A small business sells 52 potted plants at ₹20 each. Its costs are ₹110. What is its profit (in ₹)?
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) simplest to start
13. 13.A small business sells 16 fruit cups at ₹40 each. What is its revenue (in ₹)?
14. 14.A small business sells 39 jute bags at ₹25 each. What is its revenue (in ₹)?
15. 15.A small business selling painted pebbles had a revenue of ₹1800 and a profit of ₹1550. What were its costs (in ₹)?
16. 16.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
17. 17.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
19. 19.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
20. 20.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
21. 21.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
22. 22.True or false: “owner owes the debts” is true of a company. (a) True (b) False
23. 23.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) one owner runs it (d) owner keeps all profit
24. 24.A small business sells 18 cups of lemonade at ₹50 each. Its costs are ₹150. What is its profit (in ₹)?
25. 25.A small business sells 21 handmade cards at ₹45 each. Its costs are ₹560. What is its profit (in ₹)?
26. 26.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
27. 27.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
28. 28.A small business sells 37 cups of lemonade at ₹25 each. Its costs are ₹820. What is its profit (in ₹)?
29. 29.A small business selling bags of popcorn had a revenue of ₹1275 and a profit of ₹115. What were its costs (in ₹)?
30. 30.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
31. 31.True or false: “a separate legal body” is true of a company. (a) True (b) False
32. 32.A small business sells 28 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
33. 33.True or false: “one owner runs it” is true of a company. (a) False (b) True
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 17 cupcakes at ₹30 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) owner owes the debts
37. 37.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
38. 38.A small business sells 51 potted plants at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
39. 39.True or false: “simplest to start” is true of a company. (a) True (b) False
40. 40.A small business selling cups of lemonade had a revenue of ₹1715 and a profit of ₹1105. What were its costs (in ₹)?

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