Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 63 · 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 sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
2. 2.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
3. 3.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
4. 4.A small business sells 36 handmade cards at ₹25 each. What is its revenue (in ₹)?
5. 5.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
6. 6.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
8. 8.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
9. 9.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
10. 10.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
11. 11.True or false: “simplest to start” is true of a company. (a) False (b) True
12. 12.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
13. 13.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
15. 15.A small business sells 15 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
16. 16.A small business sells 15 glasses of chai at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
17. 17.A small business sells 38 bags of popcorn at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
18. 18.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
19. 19.A small business selling friendship bands had a revenue of ₹550 and a profit of ₹350. What were its costs (in ₹)?
20. 20.True or false: “a separate legal body” is true of a company. (a) True (b) False
21. 21.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
22. 22.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
23. 23.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
24. 24.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
25. 25.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner owes the debts (d) one owner runs it
26. 26.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
27. 27.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
28. 28.A small business sells 13 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner owes the debts
30. 30.A small business sells 23 handmade cards at ₹15 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
32. 32.A small business sells 10 jute bags at ₹50 each. Its costs are ₹110. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
34. 34.A small business sells 58 fruit cups at ₹10 each. What is its revenue (in ₹)?
35. 35.A small business sells 24 paper bookmarks at ₹30 each. Its costs are ₹570. What is its profit (in ₹)?
36. 36.A small business sells 52 clay diyas at ₹30 each. Its costs are ₹760. What is its profit (in ₹)?
37. 37.A small business sells 48 clay diyas at ₹25 each. Its costs are ₹640. What is its profit (in ₹)?
38. 38.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) simplest to start (d) run by directors
39. 39.A small business sells 58 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True

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