Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 242 · 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 sole trader (b) a company
2. 2.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
3. 3.True or false: “simplest to start” is true of a company. (a) False (b) True
4. 4.A small business sells 58 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) a separate legal body (d) owned by shareholders
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
7. 7.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
8. 8.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
9. 9.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) one owner runs it
10. 10.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
11. 11.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
12. 12.A small business selling potted plants had a revenue of ₹585 and a profit of ₹155. What were its costs (in ₹)?
13. 13.A small business selling glasses of chai had a revenue of ₹520 and a profit of ₹310. What were its costs (in ₹)?
14. 14.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) simplest to start
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
17. 17.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
18. 18.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
19. 19.A small business sells 48 friendship bands at ₹45 each. What is its revenue (in ₹)?
20. 20.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
21. 21.A small business sells 22 fruit cups at ₹30 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) simplest to start
23. 23.A small business sells 12 potted plants at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
24. 24.A small business sells 25 friendship bands at ₹30 each. What is its revenue (in ₹)?
25. 25.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
26. 26.True or false: “owned by shareholders” is true of a company. (a) False (b) True
27. 27.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
28. 28.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 57 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
32. 32.True or false: “run by directors” is true of a sole trader. (a) True (b) False
33. 33.True or false: “run by directors” is true of a company. (a) False (b) True
34. 34.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
35. 35.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
36. 36.A small business sells 11 glasses of chai at ₹50 each. Its costs are ₹100. What is its profit (in ₹)?
37. 37.A small business sells 26 cups of lemonade at ₹25 each. Its costs are ₹620. What is its profit (in ₹)?
38. 38.A small business sells 21 fruit cups at ₹30 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
40. 40.A small business sells 51 handmade cards at ₹40 each. What is its revenue (in ₹)?

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