Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 966 · 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 sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
4. 4.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
6. 6.A small business sells 55 handmade cards at ₹25 each. Its costs are ₹1220. What is its profit (in ₹)?
7. 7.A small business sells 54 jute bags at ₹45 each. Its costs are ₹480. What is its profit (in ₹)?
8. 8.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) owner owes the debts
10. 10.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
11. 11.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
12. 12.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
13. 13.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
15. 15.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
16. 16.A small business sells 51 fruit cups at ₹50 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 18 glasses of chai at ₹45 each. What is its revenue (in ₹)?
20. 20.A small business selling cupcakes had a revenue of ₹1200 and a profit of ₹150. What were its costs (in ₹)?
21. 21.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
22. 22.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
24. 24.A small business selling cups of lemonade had a revenue of ₹300 and a profit of ₹10. What were its costs (in ₹)?
25. 25.A small business sells 21 painted pebbles at ₹20 each. Its costs are ₹90. What is its profit (in ₹)?
26. 26.A small business selling jute bags had a revenue of ₹800 and a profit of ₹670. What were its costs (in ₹)?
27. 27.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
28. 28.A small business sells 54 fruit cups at ₹50 each. Its costs are ₹320. What is its profit (in ₹)?
29. 29.A small business sells 32 painted pebbles at ₹45 each. Its costs are ₹870. What is its profit (in ₹)?
30. 30.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
31. 31.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
32. 32.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
33. 33.A small business selling jute bags had a revenue of ₹450 and a profit of ₹170. What were its costs (in ₹)?
34. 34.A small business sells 30 fruit cups at ₹15 each. What is its revenue (in ₹)?
35. 35.A small business sells 37 cupcakes at ₹5 each. What is its revenue (in ₹)?
36. 36.A small business sells 55 potted plants at ₹45 each. Its costs are ₹2090. What is its profit (in ₹)?
37. 37.A small business sells 25 cupcakes at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
38. 38.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
39. 39.A small business selling glasses of chai had a revenue of ₹650 and a profit of ₹270. What were its costs (in ₹)?
40. 40.A small business sells 48 fruit cups at ₹30 each. Its costs are ₹10. What is its profit (in ₹)?

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