Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 398 · 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.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
4. 4.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) run by directors
5. 5.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
7. 7.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
8. 8.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
9. 9.A small business sells 35 glasses of chai at ₹25 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner keeps all profit (d) one owner runs it
11. 11.A small business sells 36 cups of lemonade at ₹25 each. Its costs are ₹710. What is its profit (in ₹)?
12. 12.True or false: “run by directors” is true of a sole trader. (a) False (b) True
13. 13.A small business sells 40 glasses of chai at ₹40 each. Its costs are ₹570. What is its profit (in ₹)?
14. 14.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
16. 16.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
17. 17.A small business sells 15 glasses of chai at ₹10 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) a separate legal body (d) owners’ risk is limited
19. 19.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
20. 20.A small business selling bags of popcorn had a revenue of ₹510 and a profit of ₹10. What were its costs (in ₹)?
21. 21.A small business sells 30 fruit cups at ₹15 each. Its costs are ₹370. What is its profit (in ₹)?
22. 22.A small business sells 44 paper bookmarks at ₹20 each. Its costs are ₹810. What is its profit (in ₹)?
23. 23.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
24. 24.A small business sells 18 cupcakes at ₹45 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
26. 26.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
27. 27.A small business sells 22 painted pebbles at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
28. 28.A small business sells 41 fruit cups at ₹30 each. What is its revenue (in ₹)?
29. 29.True or false: “run by directors” is true of a company. (a) False (b) True
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
31. 31.True or false: “simplest to start” is true of a company. (a) True (b) False
32. 32.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) one owner runs it (d) a separate legal body
33. 33.A small business sells 47 clay diyas at ₹40 each. Its costs are ₹590. What is its profit (in ₹)?
34. 34.A small business selling potted plants had a revenue of ₹480 and a profit of ₹110. What were its costs (in ₹)?
35. 35.A small business sells 22 cups of lemonade at ₹30 each. Its costs are ₹180. What is its profit (in ₹)?
36. 36.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit
37. 37.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
38. 38.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
39. 39.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
40. 40.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers

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