Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 468 · 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.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
2. 2.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
3. 3.True or false: “run by directors” is true of a sole trader. (a) True (b) False
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
5. 5.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) run by directors (d) one owner runs it
6. 6.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
7. 7.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) one owner runs it
8. 8.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
9. 9.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
10. 10.A small business sells 55 bags of popcorn at ₹10 each. Its costs are ₹260. What is its profit (in ₹)?
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
12. 12.A small business sells 13 cupcakes at ₹40 each. What is its revenue (in ₹)?
13. 13.A small business selling jute bags had a revenue of ₹735 and a profit of ₹285. What were its costs (in ₹)?
14. 14.A small business sells 57 handmade cards at ₹50 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
17. 17.A small business selling jute bags had a revenue of ₹920 and a profit of ₹410. What were its costs (in ₹)?
18. 18.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
19. 19.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
20. 20.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner owes the debts
21. 21.True or false: “simplest to start” is true of a company. (a) True (b) False
22. 22.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
23. 23.A small business selling jute bags had a revenue of ₹205 and a profit of ₹165. What were its costs (in ₹)?
24. 24.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
25. 25.A small business sells 11 jute bags at ₹30 each. What is its revenue (in ₹)?
26. 26.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
27. 27.A small business sells 35 glasses of chai at ₹20 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
29. 29.A small business sells 25 glasses of chai at ₹45 each. What is its revenue (in ₹)?
30. 30.A small business sells 49 handmade cards at ₹10 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
32. 32.A small business sells 31 clay diyas at ₹25 each. What is its revenue (in ₹)?
33. 33.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
34. 34.True or false: “one owner runs it” is true of a company. (a) True (b) False
35. 35.A small business sells 51 paper bookmarks at ₹35 each. Its costs are ₹150. What is its profit (in ₹)?
36. 36.A small business sells 44 friendship bands at ₹20 each. Its costs are ₹60. What is its profit (in ₹)?
37. 37.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
38. 38.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
39. 39.A small business sells 56 bags of popcorn at ₹40 each. Its costs are ₹130. What is its profit (in ₹)?
40. 40.📊 Revenue or profit: price × number sold? (a) profit (b) revenue

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