Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 494 · 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.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
2. 2.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
3. 3.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
4. 4.A small business selling cupcakes had a revenue of ₹1365 and a profit of ₹855. What were its costs (in ₹)?
5. 5.A small business selling glasses of chai had a revenue of ₹2070 and a profit of ₹1970. What were its costs (in ₹)?
6. 6.A small business sells 45 painted pebbles at ₹40 each. What is its revenue (in ₹)?
7. 7.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) owners’ risk is limited
9. 9.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
10. 10.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
11. 11.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
12. 12.True or false: “owned by shareholders” is true of a company. (a) True (b) False
13. 13.A small business selling fruit cups had a revenue of ₹345 and a profit of ₹75. What were its costs (in ₹)?
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) simplest to start
15. 15.A small business sells 23 handmade cards at ₹35 each. What is its revenue (in ₹)?
16. 16.A small business sells 47 bags of popcorn at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
18. 18.A small business selling clay diyas had a revenue of ₹1000 and a profit of ₹330. What were its costs (in ₹)?
19. 19.A small business sells 36 painted pebbles at ₹30 each. What is its revenue (in ₹)?
20. 20.A small business sells 54 fruit cups at ₹45 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
22. 22.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
23. 23.A small business selling painted pebbles had a revenue of ₹230 and a profit of ₹120. What were its costs (in ₹)?
24. 24.True or false: “a separate legal body” is true of a company. (a) False (b) True
25. 25.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
26. 26.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
27. 27.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) one owner runs it
28. 28.A small business sells 53 painted pebbles at ₹10 each. Its costs are ₹240. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
30. 30.A small business sells 24 handmade cards at ₹50 each. What is its revenue (in ₹)?
31. 31.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
32. 32.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
33. 33.True or false: “owner owes the debts” is true of a company. (a) True (b) False
34. 34.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
35. 35.A small business sells 23 fruit cups at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
36. 36.True or false: “one owner runs it” is true of a company. (a) False (b) True
37. 37.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
38. 38.A small business sells 49 handmade cards at ₹25 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
40. 40.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders

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