Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 212 · 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.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
2. 2.🎂 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
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
5. 5.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
6. 6.A small business sells 39 fruit cups at ₹15 each. Its costs are ₹230. What is its profit (in ₹)?
7. 7.A small business sells 48 painted pebbles at ₹15 each. Its costs are ₹280. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
9. 9.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
10. 10.True or false: “one owner runs it” is true of a company. (a) True (b) False
11. 11.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owners’ risk is limited
12. 12.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
15. 15.A small business sells 17 friendship bands at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
16. 16.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
18. 18.A small business selling painted pebbles had a revenue of ₹450 and a profit of ₹420. What were its costs (in ₹)?
19. 19.A small business sells 14 painted pebbles at ₹30 each. Its costs are ₹320. What is its profit (in ₹)?
20. 20.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
21. 21.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
24. 24.True or false: “run by directors” is true of a company. (a) False (b) True
25. 25.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
26. 26.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner keeps all profit (d) one owner runs it
27. 27.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
28. 28.A small business sells 49 cupcakes at ₹30 each. What is its revenue (in ₹)?
29. 29.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
30. 30.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) simplest to start
31. 31.A small business sells 50 friendship bands at ₹15 each. Its costs are ₹270. What is its profit (in ₹)?
32. 32.A small business sells 22 painted pebbles at ₹20 each. Its costs are ₹230. What is its profit (in ₹)?
33. 33.A small business selling glasses of chai had a revenue of ₹2200 and a profit of ₹2040. What were its costs (in ₹)?
34. 34.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
35. 35.A small business sells 15 glasses of chai at ₹20 each. What is its revenue (in ₹)?
36. 36.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
37. 37.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
38. 38.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
39. 39.A small business sells 54 handmade cards at ₹10 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company

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