Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 249 · 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.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
2. 2.A small business sells 40 potted plants at ₹40 each. Its costs are ₹450. What is its profit (in ₹)?
3. 3.A small business sells 51 cupcakes at ₹40 each. Its costs are ₹1480. What is its profit (in ₹)?
4. 4.A small business sells 10 bags of popcorn at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
5. 5.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
6. 6.A small business selling jute bags had a revenue of ₹560 and a profit of ₹70. What were its costs (in ₹)?
7. 7.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) one owner runs it
8. 8.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
9. 9.A small business sells 25 jute bags at ₹20 each. What is its revenue (in ₹)?
10. 10.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
11. 11.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
12. 12.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) one owner runs it
13. 13.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
14. 14.A small business sells 52 handmade cards at ₹45 each. Its costs are ₹2080. What is its profit (in ₹)?
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
16. 16.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) simplest to start (d) one owner runs it
17. 17.True or false: “owned by shareholders” is true of a company. (a) True (b) False
18. 18.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
19. 19.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner owes the debts (d) owner keeps all profit
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
21. 21.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
22. 22.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
23. 23.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
24. 24.A small business sells 24 potted plants at ₹20 each. Its costs are ₹350. What is its profit (in ₹)?
25. 25.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
26. 26.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
27. 27.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
28. 28.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
30. 30.A small business sells 60 friendship bands at ₹40 each. What is its revenue (in ₹)?
31. 31.A small business sells 26 jute bags at ₹25 each. Its costs are ₹410. What is its profit (in ₹)?
32. 32.A small business sells 59 jute bags at ₹30 each. What is its revenue (in ₹)?
33. 33.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
34. 34.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
35. 35.True or false: “run by directors” is true of a sole trader. (a) False (b) True
36. 36.A small business sells 19 fruit cups at ₹40 each. Its costs are ₹410. What is its profit (in ₹)?
37. 37.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
38. 38.A small business sells 44 friendship bands at ₹25 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
40. 40.A small business sells 24 potted plants at ₹40 each. What is its revenue (in ₹)?

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