Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 31 · 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.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
4. 4.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
5. 5.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
6. 6.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
7. 7.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
8. 8.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
9. 9.A small business sells 22 potted plants at ₹20 each. Its costs are ₹220. What is its profit (in ₹)?
10. 10.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) run by directors (d) a separate legal body
11. 11.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
13. 13.A small business sells 20 handmade cards at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
14. 14.A small business selling potted plants had a revenue of ₹300 and a profit of ₹240. What were its costs (in ₹)?
15. 15.A small business sells 23 handmade cards at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
16. 16.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
17. 17.True or false: “run by directors” is true of a company. (a) False (b) True
18. 18.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
20. 20.A small business sells 30 clay diyas at ₹40 each. What is its revenue (in ₹)?
21. 21.A small business sells 15 cupcakes at ₹35 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) owner keeps all profit (d) one owner runs it
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 owes the debts
24. 24.A small business sells 59 paper bookmarks at ₹15 each. Its costs are ₹860. What is its profit (in ₹)?
25. 25.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
27. 27.A small business selling handmade cards had a revenue of ₹495 and a profit of ₹155. What were its costs (in ₹)?
28. 28.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
29. 29.True or false: “a separate legal body” is true of a company. (a) True (b) False
30. 30.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
31. 31.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
32. 32.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
33. 33.A small business selling glasses of chai had a revenue of ₹850 and a profit of ₹280. What were its costs (in ₹)?
34. 34.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 32 handmade cards at ₹20 each. Its costs are ₹280. What is its profit (in ₹)?
36. 36.A small business selling paper bookmarks had a revenue of ₹1575 and a profit of ₹375. What were its costs (in ₹)?
37. 37.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
38. 38.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
39. 39.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
40. 40.A small business sells 43 painted pebbles at ₹40 each. What is its revenue (in ₹)?

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