Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 47 · 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.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
3. 3.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) one owner runs it (d) owner owes the debts
4. 4.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
5. 5.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
6. 6.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
7. 7.True or false: “run by directors” is true of a sole trader. (a) False (b) True
8. 8.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
9. 9.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
10. 10.A small business sells 24 bags of popcorn at ₹45 each. Its costs are ₹130. What is its profit (in ₹)?
11. 11.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
12. 12.A small business sells 17 friendship bands at ₹45 each. What is its revenue (in ₹)?
13. 13.A small business sells 12 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
14. 14.A small business sells 32 fruit cups at ₹20 each. Its costs are ₹210. What is its profit (in ₹)?
15. 15.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
16. 16.A small business selling cupcakes had a revenue of ₹945 and a profit of ₹635. What were its costs (in ₹)?
17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
19. 19.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
20. 20.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
21. 21.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner keeps all profit (d) owner owes the debts
22. 22.A small business sells 49 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
23. 23.True or false: “a separate legal body” is true of a company. (a) False (b) True
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
25. 25.A small business sells 12 friendship bands at ₹45 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
27. 27.A small business selling handmade cards had a revenue of ₹820 and a profit of ₹440. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
29. 29.A small business selling bags of popcorn had a revenue of ₹600 and a profit of ₹410. What were its costs (in ₹)?
30. 30.True or false: “owner owes the debts” is true of a company. (a) False (b) True
31. 31.A small business sells 59 handmade cards at ₹50 each. Its costs are ₹2730. What is its profit (in ₹)?
32. 32.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owned by shareholders
33. 33.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
34. 34.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
35. 35.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
37. 37.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
38. 38.A small business sells 11 clay diyas at ₹20 each. Its costs are ₹100. What is its profit (in ₹)?
39. 39.A small business sells 27 glasses of chai at ₹50 each. Its costs are ₹330. What is its profit (in ₹)?
40. 40.A small business sells 32 bags of popcorn at ₹35 each. Its costs are ₹1050. What is its profit (in ₹)?

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