Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 811 · 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) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
2. 2.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
4. 4.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owned by shareholders (d) owner keeps all profit
5. 5.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
7. 7.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
8. 8.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
9. 9.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
10. 10.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
11. 11.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.A small business selling cups of lemonade had a revenue of ₹455 and a profit of ₹25. What were its costs (in ₹)?
14. 14.A small business sells 56 handmade cards at ₹25 each. Its costs are ₹100. What is its profit (in ₹)?
15. 15.True or false: “simplest to start” is true of a company. (a) False (b) True
16. 16.A small business sells 56 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
18. 18.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
19. 19.A small business sells 48 friendship bands at ₹30 each. Its costs are ₹380. What is its profit (in ₹)?
20. 20.A small business sells 10 fruit cups at ₹5 each. What is its revenue (in ₹)?
21. 21.A small business sells 20 fruit cups at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
22. 22.True or false: “a separate legal body” is true of a company. (a) True (b) False
23. 23.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
24. 24.A small business sells 20 cups of lemonade at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
25. 25.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
26. 26.A small business sells 53 potted plants at ₹20 each. What is its revenue (in ₹)?
27. 27.A small business sells 49 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
29. 29.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
30. 30.A small business sells 30 potted plants at ₹35 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) a separate legal body (d) owned by shareholders
32. 32.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
33. 33.True or false: “owned by shareholders” is true of a company. (a) False (b) True
34. 34.A small business sells 48 cupcakes at ₹30 each. Its costs are ₹900. What is its profit (in ₹)?
35. 35.A small business sells 31 glasses of chai at ₹5 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
37. 37.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
39. 39.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) a separate legal body
40. 40.A small business sells 37 paper bookmarks at ₹40 each. Its costs are ₹1440. What is its profit (in ₹)?

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