Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 350 · 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: a separate legal body? (a) a sole trader (b) a company
2. 2.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
3. 3.A small business selling jute bags had a revenue of ₹100 and a profit of ₹30. What were its costs (in ₹)?
4. 4.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
5. 5.A small business selling glasses of chai had a revenue of ₹2550 and a profit of ₹2040. What were its costs (in ₹)?
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) simplest to start
7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
8. 8.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
9. 9.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) simplest to start (d) owners’ risk is limited
10. 10.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
11. 11.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
12. 12.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
13. 13.A small business sells 58 clay diyas at ₹25 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.A small business sells 47 cupcakes at ₹5 each. What is its revenue (in ₹)?
16. 16.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
17. 17.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
18. 18.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner keeps all profit (d) owners’ risk is limited
19. 19.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
20. 20.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
21. 21.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
22. 22.A small business sells 60 paper bookmarks at ₹40 each. Its costs are ₹880. What is its profit (in ₹)?
23. 23.A small business sells 17 bags of popcorn at ₹15 each. Its costs are ₹50. What is its profit (in ₹)?
24. 24.A small business sells 24 cupcakes at ₹30 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
26. 26.A small business selling handmade cards had a revenue of ₹180 and a profit of ₹140. What were its costs (in ₹)?
27. 27.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
28. 28.A small business selling potted plants had a revenue of ₹625 and a profit of ₹545. What were its costs (in ₹)?
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) simplest to start
30. 30.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
31. 31.True or false: “run by directors” is true of a company. (a) True (b) False
32. 32.A small business sells 24 fruit cups at ₹30 each. What is its revenue (in ₹)?
33. 33.A small business sells 55 friendship bands at ₹5 each. What is its revenue (in ₹)?
34. 34.A small business sells 59 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
35. 35.A small business sells 28 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
36. 36.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
37. 37.A small business sells 30 painted pebbles at ₹5 each. Its costs are ₹110. What is its profit (in ₹)?
38. 38.A small business selling painted pebbles had a revenue of ₹840 and a profit of ₹110. What were its costs (in ₹)?
39. 39.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
40. 40.A small business selling cupcakes had a revenue of ₹1500 and a profit of ₹680. What were its costs (in ₹)?

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