Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 15 · 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.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
2. 2.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
5. 5.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
6. 6.A small business sells 14 handmade cards at ₹20 each. What is its revenue (in ₹)?
7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
8. 8.A small business sells 11 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
11. 11.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) run by directors
13. 13.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) a separate legal body (d) simplest to start
14. 14.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
15. 15.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
16. 16.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
17. 17.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) owners’ risk is limited (d) run by directors
18. 18.A small business sells 33 bags of popcorn at ₹10 each. Its costs are ₹190. What is its profit (in ₹)?
19. 19.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
20. 20.A small business sells 19 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
21. 21.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
22. 22.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
23. 23.A small business sells 48 handmade cards at ₹40 each. What is its revenue (in ₹)?
24. 24.True or false: “run by directors” is true of a company. (a) True (b) False
25. 25.A small business sells 54 glasses of chai at ₹45 each. Its costs are ₹1320. What is its profit (in ₹)?
26. 26.A small business sells 38 fruit cups at ₹45 each. Its costs are ₹10. What is its profit (in ₹)?
27. 27.A small business sells 10 potted plants at ₹25 each. What is its revenue (in ₹)?
28. 28.A small business sells 40 cupcakes at ₹15 each. What is its revenue (in ₹)?
29. 29.A small business sells 12 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
30. 30.A small business sells 59 friendship bands at ₹10 each. What is its revenue (in ₹)?
31. 31.A small business sells 42 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
33. 33.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) one owner runs it (d) owner keeps all profit
34. 34.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
35. 35.A small business sells 45 friendship bands at ₹10 each. What is its revenue (in ₹)?
36. 36.A small business sells 59 friendship bands at ₹5 each. What is its revenue (in ₹)?
37. 37.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
38. 38.True or false: “owned by shareholders” is true of a company. (a) True (b) False
39. 39.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) run by directors
40. 40.A small business sells 51 fruit cups at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?

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