← Business basics for teens lesson New set →

Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 975 · 40 questions
TalentJR

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.

NameDateTime takenScore ___ / 40
  1. 1.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) owner keeps all profit
  2. 2.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
  3. 3.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
  4. 4.A small business sells 22 fruit cups at ₹10 each. What is its revenue (in ₹)?
  5. 5.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
  6. 6.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
  7. 7.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
  8. 8.A small business sells 33 cupcakes at ₹20 each. Its costs are ₹170. What is its profit (in ₹)?
  9. 9.A small business sells 36 glasses of chai at ₹35 each. What is its revenue (in ₹)?
  10. 10.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner owes the debts (d) one owner runs it
  11. 11.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
  12. 12.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
  13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
  14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  15. 15.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
  16. 16.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
  17. 17.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
  18. 18.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
  19. 19.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
  20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  21. 21.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
  22. 22.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) simplest to start
  23. 23.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
  24. 24.True or false: “run by directors” is true of a company. (a) False (b) True
  25. 25.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
  26. 26.A small business sells 58 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
  27. 27.A small business selling clay diyas had a revenue of ₹850 and a profit of ₹810. What were its costs (in ₹)?
  28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) owner keeps all profit
  29. 29.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
  30. 30.True or false: “simplest to start” is true of a company. (a) True (b) False
  31. 31.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
  32. 32.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) owned by shareholders
  33. 33.A small business sells 17 fruit cups at ₹20 each. Its costs are ₹310. What is its profit (in ₹)?
  34. 34.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  35. 35.A small business sells 57 cupcakes at ₹35 each. What is its revenue (in ₹)?
  36. 36.A small business sells 36 friendship bands at ₹35 each. Its costs are ₹220. What is its profit (in ₹)?
  37. 37.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
  38. 38.True or false: “owned by shareholders” is true of a company. (a) True (b) False
  39. 39.A small business selling glasses of chai had a revenue of ₹1160 and a profit of ₹660. What were its costs (in ₹)?
  40. 40.A small business selling potted plants had a revenue of ₹1480 and a profit of ₹70. What were its costs (in ₹)?

Answer key

  1. run by directors
  2. only with adult help
  3. a sole trader
  4. 220
  5. a one-owner business
  6. profit
  7. profit
  8. 490
  9. 1260
  10. owners’ risk is limited
  11. True
  12. True
  13. a sole trader
  14. a sole trader
  15. revenue
  16. a company
  17. profit
  18. False
  19. a sole trader
  20. a company
  21. False
  22. a separate legal body
  23. one owner runs it
  24. True
  25. profit
  26. 1450
  27. 40
  28. owner keeps all profit
  29. revenue
  30. False
  31. True
  32. owned by shareholders
  33. 30
  34. a company
  35. 1995
  36. 1040
  37. its shareholders
  38. True
  39. 500
  40. 1410

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