Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 814 · 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.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
2. 2.A small business sells 23 jute bags at ₹25 each. Its costs are ₹70. What is its profit (in ₹)?
3. 3.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
4. 4.A small business selling paper bookmarks had a revenue of ₹170 and a profit of ₹40. What were its costs (in ₹)?
5. 5.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
6. 6.True or false: “simplest to start” is true of a company. (a) True (b) False
7. 7.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
8. 8.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
9. 9.True or false: “a separate legal body” is true of a company. (a) False (b) True
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owned by shareholders
11. 11.True or false: “one owner runs it” is true of a company. (a) False (b) True
12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
13. 13.A small business sells 30 cups of lemonade at ₹25 each. Its costs are ₹80. What is its profit (in ₹)?
14. 14.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) run by directors
15. 15.True or false: “owner owes the debts” is true of a company. (a) False (b) True
16. 16.A small business sells 60 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
17. 17.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) simplest to start (d) a separate legal body
19. 19.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
20. 20.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) owners’ risk is limited
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
23. 23.A small business sells 28 fruit cups at ₹40 each. What is its revenue (in ₹)?
24. 24.A small business sells 57 potted plants at ₹15 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
26. 26.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
27. 27.A small business selling jute bags had a revenue of ₹1760 and a profit of ₹1600. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
29. 29.True or false: “run by directors” is true of a company. (a) True (b) False
30. 30.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
31. 31.A small business sells 23 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
32. 32.A small business sells 50 fruit cups at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
33. 33.A small business selling paper bookmarks had a revenue of ₹620 and a profit of ₹10. What were its costs (in ₹)?
34. 34.A small business sells 56 potted plants at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
35. 35.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
36. 36.A small business sells 52 jute bags at ₹20 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) one owner runs it
38. 38.A small business sells 40 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
39. 39.A small business selling fruit cups had a revenue of ₹1260 and a profit of ₹990. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company

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