Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 662 · 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.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
3. 3.True or false: “one owner runs it” is true of a company. (a) True (b) False
4. 4.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) a separate legal body (d) owners’ risk is limited
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
7. 7.True or false: “owned by shareholders” is true of a company. (a) True (b) False
8. 8.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) simplest to start
9. 9.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) simplest to start (d) one owner runs it
10. 10.A small business selling cupcakes had a revenue of ₹300 and a profit of ₹160. What were its costs (in ₹)?
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
13. 13.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
14. 14.A small business selling clay diyas had a revenue of ₹1170 and a profit of ₹960. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
16. 16.A small business sells 13 bags of popcorn at ₹45 each. Its costs are ₹370. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.A small business sells 18 paper bookmarks at ₹20 each. Its costs are ₹90. What is its profit (in ₹)?
19. 19.True or false: “owner owes the debts” is true of a company. (a) True (b) False
20. 20.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
21. 21.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
22. 22.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
23. 23.A small business selling paper bookmarks had a revenue of ₹300 and a profit of ₹280. What were its costs (in ₹)?
24. 24.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
25. 25.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) one owner runs it (d) a separate legal body
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
27. 27.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
28. 28.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
29. 29.A small business sells 43 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
31. 31.A small business sells 41 jute bags at ₹45 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) simplest to start
33. 33.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
34. 34.A small business sells 18 jute bags at ₹50 each. Its costs are ₹230. What is its profit (in ₹)?
35. 35.A small business selling clay diyas had a revenue of ₹110 and a profit of ₹70. What were its costs (in ₹)?
36. 36.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
37. 37.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
38. 38.A small business sells 42 bags of popcorn at ₹45 each. Its costs are ₹450. What is its profit (in ₹)?
39. 39.A small business selling cups of lemonade had a revenue of ₹2850 and a profit of ₹1720. What were its costs (in ₹)?
40. 40.📊 Revenue or profit: money in before costs? (a) revenue (b) profit

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