Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 542 · 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) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) run by directors
2. 2.True or false: “one owner runs it” is true of a company. (a) False (b) True
3. 3.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
4. 4.A small business selling jute bags had a revenue of ₹110 and a profit of ₹10. What were its costs (in ₹)?
5. 5.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
6. 6.A small business sells 37 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
7. 7.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
8. 8.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
9. 9.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) owners’ risk is limited
11. 11.A small business sells 59 cupcakes at ₹50 each. What is its revenue (in ₹)?
12. 12.A small business sells 54 fruit cups at ₹10 each. What is its revenue (in ₹)?
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
15. 15.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) simplest to start
16. 16.A small business sells 35 friendship bands at ₹45 each. Its costs are ₹820. What is its profit (in ₹)?
17. 17.A small business selling glasses of chai had a revenue of ₹1080 and a profit of ₹760. What were its costs (in ₹)?
18. 18.True or false: “a separate legal body” is true of a company. (a) False (b) True
19. 19.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
21. 21.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
22. 22.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
23. 23.True or false: “run by directors” is true of a company. (a) False (b) True
24. 24.A small business selling painted pebbles had a revenue of ₹140 and a profit of ₹80. What were its costs (in ₹)?
25. 25.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 39 clay diyas at ₹10 each. Its costs are ₹250. What is its profit (in ₹)?
28. 28.A small business sells 13 painted pebbles at ₹40 each. Its costs are ₹140. What is its profit (in ₹)?
29. 29.A small business selling potted plants had a revenue of ₹1365 and a profit of ₹1105. What were its costs (in ₹)?
30. 30.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) owned by shareholders
31. 31.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
32. 32.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
33. 33.True or false: “run by directors” is true of a sole trader. (a) False (b) True
34. 34.A small business selling potted plants had a revenue of ₹2350 and a profit of ₹1430. What were its costs (in ₹)?
35. 35.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) one owner runs it
37. 37.A small business sells 34 glasses of chai at ₹25 each. Its costs are ₹260. What is its profit (in ₹)?
38. 38.A small business sells 59 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
40. 40.📊 Revenue or profit: left after all costs? (a) revenue (b) profit

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