Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 620 · 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: “owner keeps all profit” is true of a company. (a) False (b) True
2. 2.True or false: “run by directors” is true of a company. (a) False (b) True
3. 3.True or false: “run by directors” is true of a sole trader. (a) True (b) False
4. 4.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) a separate legal body
5. 5.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
7. 7.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
8. 8.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
9. 9.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) owner owes the debts
10. 10.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
11. 11.A small business selling jute bags had a revenue of ₹240 and a profit of ₹50. What were its costs (in ₹)?
12. 12.A small business sells 28 painted pebbles at ₹20 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
14. 14.A small business selling handmade cards had a revenue of ₹340 and a profit of ₹250. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
16. 16.A small business sells 56 handmade cards at ₹35 each. What is its revenue (in ₹)?
17. 17.A small business sells 59 clay diyas at ₹25 each. What is its revenue (in ₹)?
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
19. 19.A small business sells 19 friendship bands at ₹20 each. What is its revenue (in ₹)?
20. 20.A small business selling handmade cards had a revenue of ₹420 and a profit of ₹260. What were its costs (in ₹)?
21. 21.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
22. 22.A small business sells 42 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) simplest to start
24. 24.True or false: “one owner runs it” is true of a company. (a) False (b) True
25. 25.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
27. 27.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
28. 28.A small business selling cups of lemonade had a revenue of ₹2300 and a profit of ₹1860. What were its costs (in ₹)?
29. 29.A small business sells 18 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
30. 30.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
31. 31.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
32. 32.A small business selling jute bags had a revenue of ₹250 and a profit of ₹170. What were its costs (in ₹)?
33. 33.A small business selling paper bookmarks had a revenue of ₹400 and a profit of ₹230. What were its costs (in ₹)?
34. 34.A small business sells 15 potted plants at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
36. 36.A small business sells 17 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
37. 37.True or false: “owner owes the debts” is true of a company. (a) False (b) True
38. 38.A small business sells 35 painted pebbles at ₹20 each. Its costs are ₹30. What is its profit (in ₹)?
39. 39.A small business sells 25 cupcakes at ₹45 each. What is its revenue (in ₹)?
40. 40.A small business selling fruit cups had a revenue of ₹100 and a profit of ₹80. What were its costs (in ₹)?

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