Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 472 · 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: “owned by shareholders” is true of a company. (a) False (b) True
2. 2.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
3. 3.A small business sells 34 handmade cards at ₹50 each. Its costs are ₹1620. What is its profit (in ₹)?
4. 4.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
5. 5.A small business sells 56 potted plants at ₹5 each. What is its revenue (in ₹)?
6. 6.A small business sells 56 cups of lemonade at ₹45 each. Its costs are ₹1820. What is its profit (in ₹)?
7. 7.A small business sells 22 fruit cups at ₹30 each. Its costs are ₹40. What is its profit (in ₹)?
8. 8.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) one owner runs it (d) simplest to start
9. 9.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
10. 10.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
11. 11.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
14. 14.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) run by directors
15. 15.A small business selling handmade cards had a revenue of ₹600 and a profit of ₹170. What were its costs (in ₹)?
16. 16.A small business selling handmade cards had a revenue of ₹1230 and a profit of ₹960. What were its costs (in ₹)?
17. 17.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
18. 18.A small business sells 40 glasses of chai at ₹45 each. Its costs are ₹70. What is its profit (in ₹)?
19. 19.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
20. 20.A small business sells 33 glasses of chai at ₹40 each. What is its revenue (in ₹)?
21. 21.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
22. 22.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
23. 23.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner keeps all profit
24. 24.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
25. 25.A small business sells 13 jute bags at ₹45 each. What is its revenue (in ₹)?
26. 26.A small business sells 21 jute bags at ₹45 each. What is its revenue (in ₹)?
27. 27.A small business sells 33 painted pebbles at ₹35 each. What is its revenue (in ₹)?
28. 28.A small business sells 20 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) run by directors
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
31. 31.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
32. 32.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) simplest to start
33. 33.A small business sells 21 glasses of chai at ₹35 each. Its costs are ₹570. What is its profit (in ₹)?
34. 34.A small business sells 26 jute bags at ₹25 each. Its costs are ₹210. What is its profit (in ₹)?
35. 35.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
36. 36.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) a separate legal body
37. 37.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
38. 38.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
39. 39.A small business sells 50 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
40. 40.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) owned by shareholders

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