Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 12 · 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.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
2. 2.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) a separate legal body (d) run by directors
6. 6.A small business sells 34 potted plants at ₹30 each. Its costs are ₹770. What is its profit (in ₹)?
7. 7.True or false: “owner owes the debts” is true of a company. (a) True (b) False
8. 8.🎂 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
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
10. 10.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
12. 12.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
13. 13.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) simplest to start (d) owner keeps all profit
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
15. 15.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) a separate legal body
16. 16.True or false: “simplest to start” is true of a company. (a) True (b) False
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
19. 19.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
20. 20.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
21. 21.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
22. 22.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
23. 23.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
24. 24.True or false: “one owner runs it” is true of a company. (a) True (b) False
25. 25.A small business selling bags of popcorn had a revenue of ₹780 and a profit of ₹610. What were its costs (in ₹)?
26. 26.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
27. 27.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
28. 28.A small business selling friendship bands had a revenue of ₹2065 and a profit of ₹495. What were its costs (in ₹)?
29. 29.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner owes the debts (d) owner keeps all profit
30. 30.A small business sells 58 friendship bands at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business selling cups of lemonade had a revenue of ₹950 and a profit of ₹30. What were its costs (in ₹)?
32. 32.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
33. 33.A small business selling handmade cards had a revenue of ₹720 and a profit of ₹590. What were its costs (in ₹)?
34. 34.A small business sells 24 paper bookmarks at ₹20 each. Its costs are ₹150. What is its profit (in ₹)?
35. 35.A small business sells 52 clay diyas at ₹15 each. What is its revenue (in ₹)?
36. 36.A small business sells 10 cupcakes at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
37. 37.A small business sells 30 paper bookmarks at ₹45 each. Its costs are ₹310. What is its profit (in ₹)?
38. 38.A small business sells 58 potted plants at ₹30 each. What is its revenue (in ₹)?
39. 39.A small business sells 45 potted plants at ₹45 each. What is its revenue (in ₹)?
40. 40.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit

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