Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 857 · 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.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
2. 2.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) owners’ risk is limited
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
5. 5.A small business sells 28 cupcakes at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
7. 7.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) a separate legal body (d) owned by shareholders
8. 8.A small business sells 36 paper bookmarks at ₹50 each. Its costs are ₹1740. What is its profit (in ₹)?
9. 9.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) owned by shareholders
10. 10.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
11. 11.A small business sells 25 friendship bands at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
12. 12.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
13. 13.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
16. 16.A small business sells 22 cupcakes at ₹20 each. What is its revenue (in ₹)?
17. 17.A small business sells 38 cups of lemonade at ₹20 each. Its costs are ₹70. What is its profit (in ₹)?
18. 18.A small business selling painted pebbles had a revenue of ₹200 and a profit of ₹50. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
21. 21.A small business selling clay diyas had a revenue of ₹300 and a profit of ₹180. What were its costs (in ₹)?
22. 22.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) run by directors (d) a separate legal body
23. 23.A small business selling glasses of chai had a revenue of ₹2080 and a profit of ₹1990. What were its costs (in ₹)?
24. 24.A small business selling fruit cups had a revenue of ₹1520 and a profit of ₹1110. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) run by directors
27. 27.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner keeps all profit
28. 28.A small business sells 18 potted plants at ₹50 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) simplest to start (d) owner owes the debts
30. 30.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
31. 31.A small business sells 60 potted plants at ₹20 each. What is its revenue (in ₹)?
32. 32.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
33. 33.A small business sells 52 clay diyas at ₹10 each. Its costs are ₹470. What is its profit (in ₹)?
34. 34.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
35. 35.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
36. 36.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
37. 37.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
38. 38.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
39. 39.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
40. 40.A small business sells 46 handmade cards at ₹20 each. Its costs are ₹190. What is its profit (in ₹)?

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