Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 766 · 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.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
2. 2.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
3. 3.True or false: “owned by shareholders” is true of a company. (a) False (b) True
4. 4.A small business sells 39 bags of popcorn at ₹30 each. Its costs are ₹210. What is its profit (in ₹)?
5. 5.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
6. 6.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
7. 7.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) run by directors
8. 8.A small business sells 52 friendship bands at ₹5 each. What is its revenue (in ₹)?
9. 9.A small business sells 18 clay diyas at ₹20 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
12. 12.A small business sells 23 painted pebbles at ₹40 each. Its costs are ₹480. What is its profit (in ₹)?
13. 13.A small business sells 46 fruit cups at ₹45 each. What is its revenue (in ₹)?
14. 14.A small business sells 58 bags of popcorn at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
16. 16.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
17. 17.A small business sells 10 painted pebbles at ₹5 each. What is its revenue (in ₹)?
18. 18.A small business sells 18 cups of lemonade at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
19. 19.True or false: “simplest to start” is true of a company. (a) True (b) False
20. 20.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) simplest to start
21. 21.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit
22. 22.A small business selling glasses of chai had a revenue of ₹1500 and a profit of ₹160. What were its costs (in ₹)?
23. 23.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
24. 24.A small business sells 58 paper bookmarks at ₹30 each. Its costs are ₹130. What is its profit (in ₹)?
25. 25.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
26. 26.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
27. 27.A small business sells 59 handmade cards at ₹40 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
29. 29.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owned by shareholders
30. 30.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
32. 32.A small business sells 46 potted plants at ₹35 each. What is its revenue (in ₹)?
33. 33.A small business selling jute bags had a revenue of ₹570 and a profit of ₹60. What were its costs (in ₹)?
34. 34.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
35. 35.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
36. 36.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
37. 37.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
38. 38.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
39. 39.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
40. 40.True or false: “run by directors” is true of a sole trader. (a) False (b) True

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