Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 853 · 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) revenue (b) price (c) profit (d) stock
2. 2.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owners’ risk is limited
4. 4.A small business sells 16 potted plants at ₹25 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
7. 7.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
8. 8.True or false: “one owner runs it” is true of a company. (a) False (b) True
9. 9.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
10. 10.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
11. 11.True or false: “owner owes the debts” is true of a company. (a) True (b) False
12. 12.A small business sells 20 potted plants at ₹45 each. Its costs are ₹680. What is its profit (in ₹)?
13. 13.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
14. 14.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
15. 15.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
16. 16.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
17. 17.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
18. 18.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
19. 19.A small business sells 14 friendship bands at ₹40 each. What is its revenue (in ₹)?
20. 20.A small business sells 44 cupcakes at ₹25 each. Its costs are ₹310. What is its profit (in ₹)?
21. 21.A small business selling cupcakes had a revenue of ₹765 and a profit of ₹245. What were its costs (in ₹)?
22. 22.True or false: “run by directors” is true of a sole trader. (a) False (b) True
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.A small business sells 42 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
26. 26.A small business sells 31 potted plants at ₹35 each. What is its revenue (in ₹)?
27. 27.A small business sells 33 bags of popcorn at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
28. 28.A small business selling bags of popcorn had a revenue of ₹490 and a profit of ₹160. What were its costs (in ₹)?
29. 29.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) a separate legal body
30. 30.A small business selling painted pebbles had a revenue of ₹1680 and a profit of ₹1430. What were its costs (in ₹)?
31. 31.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
32. 32.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
33. 33.A small business sells 34 jute bags at ₹45 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) run by directors
35. 35.A small business sells 55 friendship bands at ₹45 each. What is its revenue (in ₹)?
36. 36.True or false: “simplest to start” is true of a company. (a) True (b) False
37. 37.A small business selling paper bookmarks had a revenue of ₹1740 and a profit of ₹30. What were its costs (in ₹)?
38. 38.A small business sells 21 cupcakes at ₹35 each. What is its revenue (in ₹)?
39. 39.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
40. 40.A small business sells 13 handmade cards at ₹35 each. Its costs are ₹410. What is its profit (in ₹)?

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