Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 30 · 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.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
2. 2.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
3. 3.True or false: “a separate legal body” is true of a company. (a) True (b) False
4. 4.True or false: “run by directors” is true of a sole trader. (a) True (b) False
5. 5.A small business sells 54 glasses of chai at ₹15 each. What is its revenue (in ₹)?
6. 6.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
8. 8.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
10. 10.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
13. 13.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
14. 14.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) one owner runs it (d) owner owes the debts
15. 15.🎂 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
16. 16.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
17. 17.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
18. 18.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
19. 19.A small business selling bags of popcorn had a revenue of ₹1800 and a profit of ₹700. What were its costs (in ₹)?
20. 20.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) simplest to start
21. 21.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
22. 22.A small business selling jute bags had a revenue of ₹2360 and a profit of ₹2310. What were its costs (in ₹)?
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
24. 24.A small business sells 29 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
26. 26.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
27. 27.A small business sells 23 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
28. 28.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
29. 29.A small business sells 25 cupcakes at ₹30 each. Its costs are ₹710. What is its profit (in ₹)?
30. 30.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
31. 31.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.A small business sells 59 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
35. 35.A small business selling glasses of chai had a revenue of ₹225 and a profit of ₹15. What were its costs (in ₹)?
36. 36.A small business sells 31 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
37. 37.A small business selling jute bags had a revenue of ₹150 and a profit of ₹80. What were its costs (in ₹)?
38. 38.A small business selling clay diyas had a revenue of ₹875 and a profit of ₹385. What were its costs (in ₹)?
39. 39.A small business sells 12 clay diyas at ₹5 each. What is its revenue (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False

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