Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 133 · 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: “owned by shareholders” is true of a sole trader. (a) True (b) False
2. 2.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
3. 3.A small business sells 12 friendship bands at ₹15 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
6. 6.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner keeps all profit (d) owned by shareholders
9. 9.A small business sells 36 handmade cards at ₹20 each. Its costs are ₹160. What is its profit (in ₹)?
10. 10.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
11. 11.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
12. 12.A small business sells 58 fruit cups at ₹15 each. What is its revenue (in ₹)?
13. 13.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
14. 14.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
15. 15.True or false: “a separate legal body” is true of a company. (a) False (b) True
16. 16.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
17. 17.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
18. 18.A small business sells 48 clay diyas at ₹50 each. Its costs are ₹1600. What is its profit (in ₹)?
19. 19.A small business sells 36 handmade cards at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
20. 20.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
22. 22.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
24. 24.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) run by directors
25. 25.A small business selling bags of popcorn had a revenue of ₹660 and a profit of ₹260. What were its costs (in ₹)?
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
27. 27.True or false: “run by directors” is true of a sole trader. (a) True (b) False
28. 28.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) simplest to start
29. 29.A small business sells 48 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
30. 30.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
31. 31.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
32. 32.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
33. 33.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
34. 34.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
35. 35.A small business selling handmade cards had a revenue of ₹220 and a profit of ₹100. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
37. 37.A small business selling cups of lemonade had a revenue of ₹460 and a profit of ₹90. What were its costs (in ₹)?
38. 38.True or false: “run by directors” is true of a company. (a) False (b) True
39. 39.A small business sells 20 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
40. 40.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit

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