Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 175 · 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.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) run by directors
3. 3.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
4. 4.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
5. 5.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
6. 6.A small business sells 22 potted plants at ₹15 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
8. 8.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner owes the debts
9. 9.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
10. 10.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
11. 11.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
12. 12.A small business sells 20 glasses of chai at ₹40 each. What is its revenue (in ₹)?
13. 13.A small business sells 43 friendship bands at ₹45 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.A small business sells 55 bags of popcorn at ₹25 each. Its costs are ₹1020. What is its profit (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) owned by shareholders
17. 17.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
18. 18.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
19. 19.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
20. 20.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
21. 21.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner keeps all profit
23. 23.📜 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
24. 24.A small business sells 39 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
25. 25.A small business selling glasses of chai had a revenue of ₹315 and a profit of ₹265. What were its costs (in ₹)?
26. 26.True or false: “one owner runs it” is true of a company. (a) True (b) False
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
28. 28.A small business sells 51 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
29. 29.A small business selling bags of popcorn had a revenue of ₹825 and a profit of ₹575. What were its costs (in ₹)?
30. 30.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
31. 31.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
32. 32.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
33. 33.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
34. 34.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
35. 35.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
36. 36.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
37. 37.A small business sells 32 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
39. 39.A small business selling friendship bands had a revenue of ₹1900 and a profit of ₹1310. What were its costs (in ₹)?
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True

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