Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 585 · 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.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
2. 2.A small business sells 11 cups of lemonade at ₹40 each. Its costs are ₹160. What is its profit (in ₹)?
3. 3.A small business sells 55 fruit cups at ₹5 each. What is its revenue (in ₹)?
4. 4.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) simplest to start (d) run by directors
7. 7.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
10. 10.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
11. 11.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
12. 12.A small business sells 13 painted pebbles at ₹40 each. Its costs are ₹380. What is its profit (in ₹)?
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
15. 15.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
16. 16.True or false: “one owner runs it” is true of a company. (a) False (b) True
17. 17.A small business sells 39 cupcakes at ₹5 each. What is its revenue (in ₹)?
18. 18.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
19. 19.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
20. 20.A small business sells 48 jute bags at ₹20 each. Its costs are ₹460. What is its profit (in ₹)?
21. 21.A small business selling jute bags had a revenue of ₹2200 and a profit of ₹1070. What were its costs (in ₹)?
22. 22.A small business selling clay diyas had a revenue of ₹1160 and a profit of ₹910. What were its costs (in ₹)?
23. 23.A small business sells 19 painted pebbles at ₹10 each. What is its revenue (in ₹)?
24. 24.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
25. 25.True or false: “owner owes the debts” is true of a company. (a) True (b) False
26. 26.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
27. 27.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
28. 28.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
29. 29.A small business selling potted plants had a revenue of ₹130 and a profit of ₹100. What were its costs (in ₹)?
30. 30.A small business sells 37 clay diyas at ₹15 each. Its costs are ₹370. What is its profit (in ₹)?
31. 31.A small business selling potted plants had a revenue of ₹990 and a profit of ₹300. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
33. 33.A small business sells 21 fruit cups at ₹50 each. Its costs are ₹900. What is its profit (in ₹)?
34. 34.True or false: “run by directors” is true of a sole trader. (a) True (b) False
35. 35.True or false: “a separate legal body” is true of a company. (a) True (b) False
36. 36.A small business sells 12 handmade cards at ₹30 each. What is its revenue (in ₹)?
37. 37.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
38. 38.A small business sells 19 friendship bands at ₹20 each. What is its revenue (in ₹)?
39. 39.A small business sells 22 handmade cards at ₹45 each. Its costs are ₹690. What is its profit (in ₹)?
40. 40.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate

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