Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 815 · 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 company? (a) a separate legal body (b) owner keeps all profit (c) simplest to start (d) one owner runs it
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
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) owned by shareholders
5. 5.A small business sells 46 friendship bands at ₹50 each. What is its revenue (in ₹)?
6. 6.True or false: “run by directors” is true of a sole trader. (a) True (b) False
7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
8. 8.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
9. 9.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) run by directors
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
12. 12.A small business sells 39 cupcakes at ₹40 each. Its costs are ₹1080. What is its profit (in ₹)?
13. 13.A small business sells 36 cupcakes at ₹5 each. What is its revenue (in ₹)?
14. 14.A small business sells 37 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
16. 16.A small business selling friendship bands had a revenue of ₹1620 and a profit of ₹1350. What were its costs (in ₹)?
17. 17.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
18. 18.A small business sells 59 handmade cards at ₹10 each. What is its revenue (in ₹)?
19. 19.A small business selling cups of lemonade had a revenue of ₹1150 and a profit of ₹730. What were its costs (in ₹)?
20. 20.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
24. 24.True or false: “owner owes the debts” is true of a company. (a) False (b) True
25. 25.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
26. 26.A small business selling potted plants had a revenue of ₹1400 and a profit of ₹980. What were its costs (in ₹)?
27. 27.A small business sells 50 cupcakes at ₹30 each. What is its revenue (in ₹)?
28. 28.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
29. 29.A small business selling cupcakes had a revenue of ₹480 and a profit of ₹110. What were its costs (in ₹)?
30. 30.A small business selling potted plants had a revenue of ₹575 and a profit of ₹405. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
32. 32.A small business sells 12 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
33. 33.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
34. 34.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) owned by shareholders
35. 35.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) owner owes the debts (d) simplest to start
37. 37.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
38. 38.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
39. 39.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
40. 40.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader

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