Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 503 · 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) run by directors (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
2. 2.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
3. 3.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) simplest to start
6. 6.A small business selling glasses of chai had a revenue of ₹60 and a profit of ₹40. What were its costs (in ₹)?
7. 7.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
8. 8.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
9. 9.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
10. 10.A small business sells 22 bags of popcorn at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
12. 12.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
13. 13.A small business selling glasses of chai had a revenue of ₹1080 and a profit of ₹930. What were its costs (in ₹)?
14. 14.A small business selling painted pebbles had a revenue of ₹885 and a profit of ₹625. What were its costs (in ₹)?
15. 15.A small business sells 14 handmade cards at ₹35 each. Its costs are ₹190. What is its profit (in ₹)?
16. 16.True or false: “owner owes the debts” is true of a company. (a) True (b) False
17. 17.True or false: “simplest to start” is true of a company. (a) True (b) False
18. 18.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) simplest to start (d) owner owes the debts
20. 20.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
21. 21.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
22. 22.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) one owner runs it (d) simplest to start
23. 23.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
24. 24.A small business sells 13 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
26. 26.A small business sells 33 fruit cups at ₹45 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
29. 29.A small business selling potted plants had a revenue of ₹65 and a profit of ₹25. What were its costs (in ₹)?
30. 30.A small business sells 28 handmade cards at ₹15 each. What is its revenue (in ₹)?
31. 31.True or false: “run by directors” is true of a sole trader. (a) True (b) False
32. 32.True or false: “owned by shareholders” is true of a company. (a) True (b) False
33. 33.A small business sells 48 glasses of chai at ₹15 each. What is its revenue (in ₹)?
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 23 potted plants at ₹5 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
37. 37.A small business sells 17 handmade cards at ₹15 each. What is its revenue (in ₹)?
38. 38.A small business selling glasses of chai had a revenue of ₹550 and a profit of ₹300. What were its costs (in ₹)?
39. 39.A small business sells 19 painted pebbles at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
40. 40.A small business sells 54 glasses of chai at ₹15 each. What is its revenue (in ₹)?

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