Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 979 · 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.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
2. 2.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
3. 3.A small business sells 30 painted pebbles at ₹25 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) simplest to start
5. 5.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
6. 6.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
7. 7.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) owner owes the debts
8. 8.A small business sells 26 potted plants at ₹20 each. What is its revenue (in ₹)?
9. 9.True or false: “owner owes the debts” is true of a company. (a) True (b) False
10. 10.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
11. 11.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
13. 13.A small business sells 59 clay diyas at ₹5 each. Its costs are ₹270. What is its profit (in ₹)?
14. 14.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
15. 15.A small business selling cups of lemonade had a revenue of ₹555 and a profit of ₹155. What were its costs (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) run by directors
17. 17.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
18. 18.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
19. 19.A small business sells 39 jute bags at ₹10 each. Its costs are ₹220. What is its profit (in ₹)?
20. 20.A small business sells 49 fruit cups at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
21. 21.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
22. 22.A small business sells 60 bags of popcorn at ₹25 each. Its costs are ₹1300. What is its profit (in ₹)?
23. 23.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
24. 24.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
25. 25.A small business selling cupcakes had a revenue of ₹2000 and a profit of ₹770. What were its costs (in ₹)?
26. 26.A small business sells 28 friendship bands at ₹25 each. Its costs are ₹100. What is its profit (in ₹)?
27. 27.A small business sells 43 glasses of chai at ₹15 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner owes the debts
29. 29.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
30. 30.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
31. 31.A small business selling paper bookmarks had a revenue of ₹495 and a profit of ₹445. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
33. 33.A small business sells 31 fruit cups at ₹30 each. Its costs are ₹460. What is its profit (in ₹)?
34. 34.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) simplest to start (d) one owner runs it
35. 35.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
36. 36.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
37. 37.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owned by shareholders (d) one owner runs it
38. 38.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) run by directors
39. 39.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
40. 40.A small business sells 57 cups of lemonade at ₹20 each. Its costs are ₹710. What is its profit (in ₹)?

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