Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 92 · 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) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
2. 2.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
3. 3.A small business selling clay diyas had a revenue of ₹440 and a profit of ₹210. What were its costs (in ₹)?
4. 4.A small business sells 32 cupcakes at ₹35 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
6. 6.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
7. 7.True or false: “run by directors” is true of a company. (a) True (b) False
8. 8.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
9. 9.A small business sells 31 friendship bands at ₹50 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
11. 11.A small business sells 36 paper bookmarks at ₹45 each. Its costs are ₹1030. What is its profit (in ₹)?
12. 12.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
13. 13.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) simplest to start
14. 14.A small business sells 49 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
15. 15.True or false: “owner owes the debts” is true of a company. (a) True (b) False
16. 16.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
17. 17.A small business sells 52 clay diyas at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
18. 18.True or false: “one owner runs it” is true of a company. (a) True (b) False
19. 19.A small business sells 48 cups of lemonade at ₹30 each. Its costs are ₹580. What is its profit (in ₹)?
20. 20.A small business sells 34 painted pebbles at ₹25 each. Its costs are ₹150. What is its profit (in ₹)?
21. 21.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
22. 22.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
23. 23.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
24. 24.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
25. 25.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) simplest to start
26. 26.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
27. 27.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
29. 29.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
30. 30.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
31. 31.A small business sells 51 handmade cards at ₹20 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
33. 33.A small business sells 31 cups of lemonade at ₹45 each. Its costs are ₹970. What is its profit (in ₹)?
34. 34.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
35. 35.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
36. 36.A small business sells 47 friendship bands at ₹25 each. What is its revenue (in ₹)?
37. 37.A small business sells 13 handmade cards at ₹10 each. What is its revenue (in ₹)?
38. 38.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) owner keeps all profit
39. 39.A small business selling cups of lemonade had a revenue of ₹990 and a profit of ₹50. What were its costs (in ₹)?
40. 40.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always

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