Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 123 · 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: “a separate legal body” is true of a company. (a) True (b) False
2. 2.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
3. 3.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
4. 4.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) run by directors (d) owners’ risk is limited
5. 5.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
6. 6.A small business sells 21 jute bags at ₹20 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
8. 8.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
9. 9.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owners’ risk is limited (d) owned by shareholders
10. 10.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
11. 11.A small business selling cupcakes had a revenue of ₹1100 and a profit of ₹110. What were its costs (in ₹)?
12. 12.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) run by directors
13. 13.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
14. 14.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
15. 15.A small business sells 45 potted plants at ₹45 each. What is its revenue (in ₹)?
16. 16.True or false: “owned by shareholders” is true of a company. (a) True (b) False
17. 17.True or false: “run by directors” is true of a company. (a) True (b) False
18. 18.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
19. 19.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
20. 20.A small business selling paper bookmarks had a revenue of ₹2120 and a profit of ₹1720. What were its costs (in ₹)?
21. 21.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
22. 22.A small business selling potted plants had a revenue of ₹195 and a profit of ₹95. What were its costs (in ₹)?
23. 23.True or false: “one owner runs it” is true of a company. (a) False (b) True
24. 24.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
25. 25.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
26. 26.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.A small business selling cupcakes had a revenue of ₹850 and a profit of ₹140. What were its costs (in ₹)?
29. 29.True or false: “simplest to start” is true of a company. (a) False (b) True
30. 30.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 55 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) owners’ risk is limited
33. 33.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
34. 34.A small business sells 25 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
35. 35.A small business sells 19 bags of popcorn at ₹40 each. Its costs are ₹680. What is its profit (in ₹)?
36. 36.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
37. 37.A small business sells 17 cups of lemonade at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
39. 39.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
40. 40.A small business sells 30 friendship bands at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?

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