Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 324 · 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 small business sells 52 paper bookmarks at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
2. 2.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
3. 3.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
4. 4.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) run by directors
5. 5.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
6. 6.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
7. 7.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
9. 9.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
10. 10.A small business selling clay diyas had a revenue of ₹1140 and a profit of ₹220. What were its costs (in ₹)?
11. 11.True or false: “one owner runs it” is true of a company. (a) False (b) True
12. 12.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
13. 13.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner keeps all profit (d) owner owes the debts
14. 14.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
16. 16.True or false: “run by directors” is true of a company. (a) False (b) True
17. 17.A small business sells 26 glasses of chai at ₹40 each. What is its revenue (in ₹)?
18. 18.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
19. 19.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) run by directors (d) a separate legal body
20. 20.A small business selling fruit cups had a revenue of ₹2700 and a profit of ₹1300. What were its costs (in ₹)?
21. 21.A small business selling painted pebbles had a revenue of ₹1050 and a profit of ₹400. What were its costs (in ₹)?
22. 22.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
23. 23.True or false: “a separate legal body” is true of a company. (a) True (b) False
24. 24.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
25. 25.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
26. 26.True or false: “simplest to start” is true of a company. (a) False (b) True
27. 27.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
28. 28.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
29. 29.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
30. 30.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
31. 31.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
32. 32.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.A small business sells 25 handmade cards at ₹25 each. What is its revenue (in ₹)?
35. 35.A small business sells 16 clay diyas at ₹45 each. Its costs are ₹680. What is its profit (in ₹)?
36. 36.A small business selling painted pebbles had a revenue of ₹1175 and a profit of ₹725. What were its costs (in ₹)?
37. 37.A small business sells 56 painted pebbles at ₹40 each. Its costs are ₹2000. What is its profit (in ₹)?
38. 38.A small business sells 14 glasses of chai at ₹15 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
40. 40.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True

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