Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 178 · 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) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
3. 3.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
4. 4.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
5. 5.A small business sells 36 paper bookmarks at ₹30 each. Its costs are ₹130. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
7. 7.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
8. 8.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
10. 10.A small business sells 19 glasses of chai at ₹20 each. What is its revenue (in ₹)?
11. 11.A small business sells 22 handmade cards at ₹50 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
13. 13.True or false: “run by directors” is true of a company. (a) True (b) False
14. 14.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
17. 17.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
18. 18.🎂 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
19. 19.A small business sells 22 handmade cards at ₹45 each. What is its revenue (in ₹)?
20. 20.A small business sells 28 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
21. 21.A small business sells 47 painted pebbles at ₹15 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
24. 24.True or false: “a separate legal body” is true of a company. (a) True (b) False
25. 25.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
27. 27.A small business selling cups of lemonade had a revenue of ₹255 and a profit of ₹185. What were its costs (in ₹)?
28. 28.A small business sells 22 paper bookmarks at ₹45 each. Its costs are ₹360. What is its profit (in ₹)?
29. 29.True or false: “owned by shareholders” is true of a company. (a) True (b) False
30. 30.A small business sells 47 clay diyas at ₹20 each. What is its revenue (in ₹)?
31. 31.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
32. 32.A small business sells 20 cupcakes at ₹45 each. What is its revenue (in ₹)?
33. 33.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
34. 34.A small business sells 10 glasses of chai at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
35. 35.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
36. 36.A small business sells 29 glasses of chai at ₹50 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
38. 38.A small business sells 47 cupcakes at ₹50 each. Its costs are ₹160. What is its profit (in ₹)?
39. 39.A small business selling cupcakes had a revenue of ₹340 and a profit of ₹240. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) run by directors (d) one owner runs it

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