Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 188 · 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: owners’ risk is limited? (a) a sole trader (b) a company
2. 2.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
3. 3.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
5. 5.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
6. 6.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
7. 7.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
8. 8.True or false: “run by directors” is true of a sole trader. (a) False (b) True
9. 9.A small business selling cups of lemonade had a revenue of ₹300 and a profit of ₹70. What were its costs (in ₹)?
10. 10.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
11. 11.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
12. 12.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
13. 13.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) run by directors (d) one owner runs it
14. 14.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
15. 15.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
16. 16.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
17. 17.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
18. 18.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
19. 19.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
20. 20.A small business selling friendship bands had a revenue of ₹1225 and a profit of ₹405. What were its costs (in ₹)?
21. 21.A small business sells 20 bags of popcorn at ₹45 each. Its costs are ₹460. What is its profit (in ₹)?
22. 22.True or false: “simplest to start” is true of a company. (a) False (b) True
23. 23.A small business sells 47 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
24. 24.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
25. 25.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
26. 26.True or false: “one owner runs it” is true of a company. (a) True (b) False
27. 27.A small business sells 20 handmade cards at ₹20 each. What is its revenue (in ₹)?
28. 28.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
29. 29.A small business sells 38 jute bags at ₹25 each. Its costs are ₹530. What is its profit (in ₹)?
30. 30.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
31. 31.A small business sells 55 friendship bands at ₹35 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
33. 33.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) run by directors (d) owned by shareholders
34. 34.A small business sells 40 glasses of chai at ₹40 each. What is its revenue (in ₹)?
35. 35.A small business sells 15 fruit cups at ₹40 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
37. 37.A small business sells 46 glasses of chai at ₹10 each. What is its revenue (in ₹)?
38. 38.A small business sells 27 paper bookmarks at ₹40 each. Its costs are ₹160. What is its profit (in ₹)?
39. 39.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
40. 40.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True

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