Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 9 · 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: one owner runs it? (a) a company (b) a sole trader
2. 2.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
4. 4.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
5. 5.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.A small business sells 14 painted pebbles at ₹5 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
9. 9.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
10. 10.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
11. 11.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
13. 13.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) one owner runs it (d) simplest to start
14. 14.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
15. 15.A small business sells 41 friendship bands at ₹30 each. What is its revenue (in ₹)?
16. 16.A small business sells 56 friendship bands at ₹20 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
18. 18.A small business selling cupcakes had a revenue of ₹880 and a profit of ₹450. What were its costs (in ₹)?
19. 19.A small business sells 16 cupcakes at ₹30 each. What is its revenue (in ₹)?
20. 20.A small business selling jute bags had a revenue of ₹1080 and a profit of ₹560. What were its costs (in ₹)?
21. 21.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
23. 23.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
24. 24.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
25. 25.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) run by directors
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
27. 27.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
28. 28.A small business sells 56 painted pebbles at ₹40 each. Its costs are ₹1900. What is its profit (in ₹)?
29. 29.True or false: “one owner runs it” is true of a company. (a) True (b) False
30. 30.A small business sells 57 clay diyas at ₹35 each. What is its revenue (in ₹)?
31. 31.A small business selling friendship bands had a revenue of ₹585 and a profit of ₹515. What were its costs (in ₹)?
32. 32.True or false: “run by directors” is true of a company. (a) False (b) True
33. 33.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner keeps all profit (d) simplest to start
34. 34.A small business sells 59 fruit cups at ₹15 each. What is its revenue (in ₹)?
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
36. 36.A small business sells 49 fruit cups at ₹25 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
38. 38.🎂 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
39. 39.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
40. 40.True or false: “owner owes the debts” is true of a company. (a) True (b) False

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