Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 197 · 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: simplest to start? (a) a company (b) a sole trader
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
3. 3.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
4. 4.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
5. 5.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
6. 6.A small business sells 11 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
8. 8.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
9. 9.A small business sells 47 handmade cards at ₹10 each. What is its revenue (in ₹)?
10. 10.A small business sells 31 painted pebbles at ₹50 each. What is its revenue (in ₹)?
11. 11.True or false: “run by directors” is true of a sole trader. (a) True (b) False
12. 12.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
13. 13.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
14. 14.Which of these is true of a company? (a) simplest to start (b) run by directors (c) one owner runs it (d) owner keeps all profit
15. 15.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
17. 17.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
18. 18.A small business sells 30 bags of popcorn at ₹40 each. Its costs are ₹550. What is its profit (in ₹)?
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
20. 20.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
21. 21.A small business sells 48 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) simplest to start (d) one owner runs it
23. 23.A small business sells 29 potted plants at ₹45 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
26. 26.A small business sells 34 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
27. 27.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
28. 28.True or false: “one owner runs it” is true of a company. (a) False (b) True
29. 29.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) run by directors (d) a separate legal body
30. 30.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
31. 31.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
32. 32.True or false: “owned by shareholders” is true of a company. (a) False (b) True
33. 33.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
34. 34.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) simplest to start
35. 35.A small business sells 12 clay diyas at ₹30 each. Its costs are ₹140. What is its profit (in ₹)?
36. 36.A small business selling handmade cards had a revenue of ₹1935 and a profit of ₹1215. What were its costs (in ₹)?
37. 37.A small business sells 13 painted pebbles at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
39. 39.A small business sells 55 potted plants at ₹45 each. Its costs are ₹880. What is its profit (in ₹)?
40. 40.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) simplest to start (d) owner keeps all profit

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