Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 511 · 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: run by directors? (a) a sole trader (b) a company
2. 2.A small business selling clay diyas had a revenue of ₹740 and a profit of ₹690. What were its costs (in ₹)?
3. 3.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) simplest to start (d) owned by shareholders
4. 4.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
5. 5.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
7. 7.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
8. 8.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
9. 9.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
10. 10.🎂 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
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
12. 12.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
13. 13.True or false: “owner owes the debts” is true of a company. (a) True (b) False
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
15. 15.A small business selling friendship bands had a revenue of ₹560 and a profit of ₹180. What were its costs (in ₹)?
16. 16.A small business sells 42 jute bags at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
17. 17.A small business sells 46 bags of popcorn at ₹15 each. Its costs are ₹330. What is its profit (in ₹)?
18. 18.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) simplest to start
19. 19.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
20. 20.A small business sells 42 potted plants at ₹35 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
22. 22.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) simplest to start (d) one owner runs it
23. 23.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
24. 24.A small business sells 16 cupcakes at ₹25 each. Its costs are ₹370. What is its profit (in ₹)?
25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
26. 26.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
28. 28.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
29. 29.A small business sells 26 painted pebbles at ₹5 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
31. 31.A small business sells 32 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
33. 33.A small business sells 52 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
34. 34.A small business sells 52 fruit cups at ₹45 each. Its costs are ₹940. What is its profit (in ₹)?
35. 35.A small business sells 15 fruit cups at ₹5 each. What is its revenue (in ₹)?
36. 36.A small business sells 44 jute bags at ₹20 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
38. 38.A small business sells 34 potted plants at ₹15 each. What is its revenue (in ₹)?
39. 39.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True

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