Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 644 · 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) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) simplest to start
2. 2.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) simplest to start (d) one owner runs it
3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
4. 4.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
5. 5.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) simplest to start (d) one owner runs it
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
7. 7.A small business sells 12 cupcakes at ₹15 each. What is its revenue (in ₹)?
8. 8.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
9. 9.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
10. 10.A small business sells 15 cupcakes at ₹25 each. What is its revenue (in ₹)?
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
12. 12.A small business sells 47 cups of lemonade at ₹35 each. Its costs are ₹700. What is its profit (in ₹)?
13. 13.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
14. 14.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
15. 15.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
16. 16.A small business sells 17 glasses of chai at ₹50 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) run by directors
18. 18.A small business sells 20 clay diyas at ₹45 each. Its costs are ₹500. What is its profit (in ₹)?
19. 19.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
20. 20.A small business sells 26 cupcakes at ₹35 each. What is its revenue (in ₹)?
21. 21.A small business selling bags of popcorn had a revenue of ₹1920 and a profit of ₹670. What were its costs (in ₹)?
22. 22.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
23. 23.A small business sells 17 bags of popcorn at ₹45 each. Its costs are ₹580. What is its profit (in ₹)?
24. 24.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owned by shareholders (d) a separate legal body
25. 25.A small business sells 31 paper bookmarks at ₹40 each. Its costs are ₹430. What is its profit (in ₹)?
26. 26.A small business sells 25 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
28. 28.A small business sells 49 glasses of chai at ₹40 each. What is its revenue (in ₹)?
29. 29.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
30. 30.A small business sells 51 glasses of chai at ₹20 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
32. 32.A small business sells 31 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
33. 33.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
34. 34.A small business sells 35 potted plants at ₹50 each. Its costs are ₹480. What is its profit (in ₹)?
35. 35.A small business sells 11 paper bookmarks at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
36. 36.A small business selling cupcakes had a revenue of ₹330 and a profit of ₹310. What were its costs (in ₹)?
37. 37.A small business selling jute bags had a revenue of ₹1755 and a profit of ₹665. What were its costs (in ₹)?
38. 38.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
39. 39.A small business sells 33 handmade cards at ₹25 each. Its costs are ₹410. What is its profit (in ₹)?
40. 40.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body

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