Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 95 · 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: “owner keeps all profit” is true of a company. (a) True (b) False
2. 2.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
3. 3.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
4. 4.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
5. 5.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owned by shareholders
6. 6.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
7. 7.A small business sells 18 painted pebbles at ₹45 each. Its costs are ₹160. What is its profit (in ₹)?
8. 8.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
9. 9.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
10. 10.A small business sells 10 handmade cards at ₹30 each. Its costs are ₹250. What is its profit (in ₹)?
11. 11.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
12. 12.A small business selling clay diyas had a revenue of ₹2000 and a profit of ₹1310. What were its costs (in ₹)?
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.A small business selling bags of popcorn had a revenue of ₹115 and a profit of ₹95. What were its costs (in ₹)?
15. 15.A small business sells 13 glasses of chai at ₹30 each. Its costs are ₹90. What is its profit (in ₹)?
16. 16.A small business selling bags of popcorn had a revenue of ₹180 and a profit of ₹80. What were its costs (in ₹)?
17. 17.A small business selling cupcakes had a revenue of ₹600 and a profit of ₹440. What were its costs (in ₹)?
18. 18.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) run by directors
19. 19.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
20. 20.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
21. 21.A small business sells 54 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) one owner runs it (d) simplest to start
23. 23.A small business selling jute bags had a revenue of ₹520 and a profit of ₹410. What were its costs (in ₹)?
24. 24.A small business selling cupcakes had a revenue of ₹800 and a profit of ₹60. What were its costs (in ₹)?
25. 25.A small business selling potted plants had a revenue of ₹120 and a profit of ₹30. What were its costs (in ₹)?
26. 26.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
27. 27.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
28. 28.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
29. 29.A small business sells 42 paper bookmarks at ₹45 each. Its costs are ₹1260. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
31. 31.A small business sells 20 cupcakes at ₹45 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
33. 33.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
34. 34.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) a separate legal body
35. 35.A small business sells 39 handmade cards at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
36. 36.A small business sells 54 handmade cards at ₹20 each. Its costs are ₹270. What is its profit (in ₹)?
37. 37.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
38. 38.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
39. 39.True or false: “run by directors” is true of a company. (a) False (b) True
40. 40.A small business selling paper bookmarks had a revenue of ₹1840 and a profit of ₹420. What were its costs (in ₹)?

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