Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 437 · 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.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
2. 2.True or false: “one owner runs it” is true of a company. (a) True (b) False
3. 3.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) run by directors
4. 4.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
5. 5.A small business sells 22 handmade cards at ₹40 each. What is its revenue (in ₹)?
6. 6.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
7. 7.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
8. 8.A small business sells 17 paper bookmarks at ₹30 each. Its costs are ₹120. What is its profit (in ₹)?
9. 9.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) one owner runs it (d) owner keeps all profit
10. 10.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
11. 11.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
12. 12.A small business sells 59 bags of popcorn at ₹10 each. Its costs are ₹200. What is its profit (in ₹)?
13. 13.A small business sells 10 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
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) profit (b) revenue
16. 16.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
17. 17.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
18. 18.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
20. 20.A small business sells 15 handmade cards at ₹15 each. What is its revenue (in ₹)?
21. 21.A small business sells 34 fruit cups at ₹20 each. What is its revenue (in ₹)?
22. 22.True or false: “run by directors” is true of a sole trader. (a) False (b) True
23. 23.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
24. 24.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
25. 25.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
26. 26.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner keeps all profit
28. 28.A small business selling glasses of chai had a revenue of ₹245 and a profit of ₹65. What were its costs (in ₹)?
29. 29.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
30. 30.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
31. 31.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
32. 32.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
33. 33.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) run by directors
34. 34.A small business sells 58 painted pebbles at ₹25 each. What is its revenue (in ₹)?
35. 35.A small business sells 32 handmade cards at ₹25 each. Its costs are ₹280. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
37. 37.A small business selling paper bookmarks had a revenue of ₹1755 and a profit of ₹1625. What were its costs (in ₹)?
38. 38.A small business sells 45 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) owner keeps all profit
40. 40.A small business sells 32 clay diyas at ₹10 each. What is its revenue (in ₹)?

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