Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 587 · 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 sole trader. (a) False (b) True
2. 2.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
3. 3.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) a separate legal body (d) run by directors
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
5. 5.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
6. 6.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
7. 7.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) owner owes the debts
8. 8.A small business sells 54 friendship bands at ₹25 each. What is its revenue (in ₹)?
9. 9.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
10. 10.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
13. 13.A small business sells 57 paper bookmarks at ₹45 each. Its costs are ₹2430. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
15. 15.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
16. 16.True or false: “one owner runs it” is true of a company. (a) False (b) True
17. 17.A small business sells 57 friendship bands at ₹35 each. Its costs are ₹1260. What is its profit (in ₹)?
18. 18.A small business selling handmade cards had a revenue of ₹560 and a profit of ₹210. What were its costs (in ₹)?
19. 19.A small business sells 14 cups of lemonade at ₹50 each. Its costs are ₹310. What is its profit (in ₹)?
20. 20.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
21. 21.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
22. 22.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) owners’ risk is limited
23. 23.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
24. 24.A small business sells 25 fruit cups at ₹15 each. What is its revenue (in ₹)?
25. 25.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
27. 27.A small business sells 38 jute bags at ₹5 each. What is its revenue (in ₹)?
28. 28.A small business sells 25 potted plants at ₹20 each. What is its revenue (in ₹)?
29. 29.A small business sells 59 handmade cards at ₹45 each. What is its revenue (in ₹)?
30. 30.A small business selling fruit cups had a revenue of ₹520 and a profit of ₹80. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
32. 32.True or false: “run by directors” is true of a company. (a) True (b) False
33. 33.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
34. 34.True or false: “simplest to start” is true of a company. (a) False (b) True
35. 35.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) one owner runs it (d) owner keeps all profit
36. 36.A small business selling cupcakes had a revenue of ₹350 and a profit of ₹290. What were its costs (in ₹)?
37. 37.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
38. 38.A small business sells 22 potted plants at ₹40 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
40. 40.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner owes the debts (d) owned by shareholders

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