Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 339 · 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.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
2. 2.True or false: “owner owes the debts” is true of a company. (a) True (b) False
3. 3.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
4. 4.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) owner owes the debts
6. 6.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
7. 7.A small business selling glasses of chai had a revenue of ₹855 and a profit of ₹715. What were its costs (in ₹)?
8. 8.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
9. 9.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) run by directors (d) one owner runs it
10. 10.A small business selling fruit cups had a revenue of ₹2750 and a profit of ₹1190. What were its costs (in ₹)?
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) owners’ risk is limited
12. 12.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
13. 13.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) simplest to start (d) one owner runs it
14. 14.A small business selling paper bookmarks had a revenue of ₹570 and a profit of ₹280. What were its costs (in ₹)?
15. 15.A small business sells 20 friendship bands at ₹20 each. What is its revenue (in ₹)?
16. 16.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
17. 17.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
18. 18.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
19. 19.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
20. 20.A small business sells 12 painted pebbles at ₹50 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) simplest to start
22. 22.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
23. 23.A small business sells 11 jute bags at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
25. 25.A small business sells 47 handmade cards at ₹50 each. What is its revenue (in ₹)?
26. 26.A small business sells 11 fruit cups at ₹5 each. What is its revenue (in ₹)?
27. 27.A small business sells 49 bags of popcorn at ₹30 each. Its costs are ₹590. What is its profit (in ₹)?
28. 28.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
29. 29.A small business selling painted pebbles had a revenue of ₹480 and a profit of ₹100. What were its costs (in ₹)?
30. 30.A small business selling fruit cups had a revenue of ₹1225 and a profit of ₹705. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
32. 32.A small business sells 19 fruit cups at ₹20 each. What is its revenue (in ₹)?
33. 33.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
34. 34.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
35. 35.True or false: “one owner runs it” is true of a company. (a) True (b) False
36. 36.A small business selling cups of lemonade had a revenue of ₹630 and a profit of ₹170. What were its costs (in ₹)?
37. 37.A small business sells 53 fruit cups at ₹15 each. What is its revenue (in ₹)?
38. 38.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
39. 39.A small business sells 54 handmade cards at ₹50 each. What is its revenue (in ₹)?
40. 40.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True

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