Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 206 · 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: owned by shareholders? (a) a sole trader (b) a company
2. 2.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
3. 3.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) simplest to start
4. 4.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
5. 5.True or false: “run by directors” is true of a sole trader. (a) True (b) False
6. 6.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
7. 7.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
8. 8.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
9. 9.A small business selling cups of lemonade had a revenue of ₹1170 and a profit of ₹20. What were its costs (in ₹)?
10. 10.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
11. 11.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
12. 12.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
15. 15.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
16. 16.A small business selling paper bookmarks had a revenue of ₹2850 and a profit of ₹580. What were its costs (in ₹)?
17. 17.A small business selling painted pebbles had a revenue of ₹220 and a profit of ₹110. What were its costs (in ₹)?
18. 18.A small business sells 34 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
19. 19.A small business sells 21 glasses of chai at ₹30 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
21. 21.A small business sells 56 clay diyas at ₹50 each. What is its revenue (in ₹)?
22. 22.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
23. 23.True or false: “simplest to start” is true of a company. (a) True (b) False
24. 24.A small business sells 10 handmade cards at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
25. 25.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner keeps all profit (d) one owner runs it
26. 26.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
27. 27.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
28. 28.A small business selling cups of lemonade had a revenue of ₹390 and a profit of ₹60. What were its costs (in ₹)?
29. 29.A small business selling handmade cards had a revenue of ₹1720 and a profit of ₹1530. What were its costs (in ₹)?
30. 30.A small business sells 29 handmade cards at ₹40 each. What is its revenue (in ₹)?
31. 31.A small business sells 24 glasses of chai at ₹40 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
33. 33.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
34. 34.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) simplest to start (d) owner owes the debts
35. 35.A small business sells 44 bags of popcorn at ₹30 each. Its costs are ₹10. What is its profit (in ₹)?
36. 36.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
37. 37.True or false: “one owner runs it” is true of a company. (a) True (b) False
38. 38.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
39. 39.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
40. 40.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) owned by shareholders

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