Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 318 · 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 company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
2. 2.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
3. 3.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
6. 6.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
7. 7.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
8. 8.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) run by directors
9. 9.A small business sells 60 fruit cups at ₹30 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
13. 13.A small business sells 56 friendship bands at ₹15 each. Its costs are ₹520. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
15. 15.A small business sells 24 jute bags at ₹40 each. What is its revenue (in ₹)?
16. 16.A small business sells 28 painted pebbles at ₹25 each. What is its revenue (in ₹)?
17. 17.True or false: “owned by shareholders” is true of a company. (a) False (b) True
18. 18.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
19. 19.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
21. 21.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
22. 22.A small business sells 32 handmade cards at ₹40 each. Its costs are ₹310. What is its profit (in ₹)?
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) simplest to start
24. 24.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
25. 25.A small business sells 32 handmade cards at ₹25 each. Its costs are ₹420. What is its profit (in ₹)?
26. 26.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
27. 27.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
29. 29.A small business sells 47 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
30. 30.True or false: “one owner runs it” is true of a company. (a) True (b) False
31. 31.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owned by shareholders (d) one owner runs it
32. 32.A small business sells 60 clay diyas at ₹45 each. Its costs are ₹1730. What is its profit (in ₹)?
33. 33.🎂 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
34. 34.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
35. 35.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owners’ risk is limited
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
37. 37.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
38. 38.True or false: “a separate legal body” is true of a company. (a) True (b) False
39. 39.True or false: “simplest to start” is true of a company. (a) False (b) True
40. 40.A small business selling cupcakes had a revenue of ₹1350 and a profit of ₹880. What were its costs (in ₹)?

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