Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 328 · 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) run by directors (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
2. 2.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
3. 3.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
4. 4.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) run by directors
5. 5.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
6. 6.A small business sells 52 clay diyas at ₹20 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
8. 8.📜 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
9. 9.A small business selling handmade cards had a revenue of ₹2400 and a profit of ₹910. What were its costs (in ₹)?
10. 10.A small business sells 32 painted pebbles at ₹10 each. Its costs are ₹170. What is its profit (in ₹)?
11. 11.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
12. 12.A small business sells 59 painted pebbles at ₹5 each. What is its revenue (in ₹)?
13. 13.A small business sells 50 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
14. 14.A small business sells 17 painted pebbles at ₹25 each. Its costs are ₹110. What is its profit (in ₹)?
15. 15.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
16. 16.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
17. 17.True or false: “run by directors” is true of a sole trader. (a) True (b) False
18. 18.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
19. 19.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) owner owes the debts
20. 20.A small business sells 53 handmade cards at ₹25 each. Its costs are ₹210. What is its profit (in ₹)?
21. 21.A small business sells 18 jute bags at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
22. 22.A small business selling jute bags had a revenue of ₹75 and a profit of ₹45. What were its costs (in ₹)?
23. 23.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owners’ risk is limited
24. 24.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
27. 27.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
28. 28.A small business sells 45 paper bookmarks at ₹45 each. Its costs are ₹320. What is its profit (in ₹)?
29. 29.A small business selling cups of lemonade had a revenue of ₹600 and a profit of ₹540. What were its costs (in ₹)?
30. 30.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) run by directors
31. 31.True or false: “owner owes the debts” is true of a company. (a) False (b) True
32. 32.A small business sells 41 painted pebbles at ₹15 each. What is its revenue (in ₹)?
33. 33.A small business sells 52 fruit cups at ₹50 each. What is its revenue (in ₹)?
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
35. 35.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
36. 36.A small business sells 37 jute bags at ₹50 each. Its costs are ₹650. What is its profit (in ₹)?
37. 37.A small business sells 57 cupcakes at ₹15 each. Its costs are ₹410. What is its profit (in ₹)?
38. 38.True or false: “a separate legal body” is true of a company. (a) False (b) True
39. 39.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
40. 40.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader

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