Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 537 · 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.A small business sells 33 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
2. 2.True or false: “owner owes the debts” is true of a company. (a) False (b) True
3. 3.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
5. 5.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
6. 6.A small business sells 49 handmade cards at ₹10 each. Its costs are ₹120. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
9. 9.A small business sells 20 glasses of chai at ₹30 each. What is its revenue (in ₹)?
10. 10.🎂 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
11. 11.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
12. 12.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
15. 15.A small business selling bags of popcorn had a revenue of ₹2280 and a profit of ₹340. What were its costs (in ₹)?
16. 16.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
17. 17.True or false: “one owner runs it” is true of a company. (a) False (b) True
18. 18.A small business sells 32 fruit cups at ₹40 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
20. 20.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
21. 21.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
22. 22.True or false: “simplest to start” is true of a company. (a) False (b) True
23. 23.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) a separate legal body (d) owner keeps all profit
24. 24.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
25. 25.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
26. 26.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
27. 27.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) run by directors
29. 29.A small business sells 17 clay diyas at ₹30 each. Its costs are ₹100. What is its profit (in ₹)?
30. 30.A small business selling glasses of chai had a revenue of ₹560 and a profit of ₹230. What were its costs (in ₹)?
31. 31.A small business selling friendship bands had a revenue of ₹975 and a profit of ₹855. What were its costs (in ₹)?
32. 32.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
33. 33.A small business sells 56 bags of popcorn at ₹40 each. Its costs are ₹350. What is its profit (in ₹)?
34. 34.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
35. 35.True or false: “a separate legal body” is true of a company. (a) True (b) False
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
37. 37.A small business selling bags of popcorn had a revenue of ₹1305 and a profit of ₹715. What were its costs (in ₹)?
38. 38.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
39. 39.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
40. 40.A small business sells 18 fruit cups at ₹25 each. What is its revenue (in ₹)?

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