Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 216 · 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.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
2. 2.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
3. 3.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
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) run by directors
5. 5.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
6. 6.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
7. 7.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
8. 8.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
9. 9.True or false: “simplest to start” is true of a company. (a) True (b) False
10. 10.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) owner keeps all profit
11. 11.A small business sells 50 friendship bands at ₹40 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
13. 13.🎂 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
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.A small business sells 15 cups of lemonade at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
16. 16.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
17. 17.A small business sells 56 potted plants at ₹10 each. What is its revenue (in ₹)?
18. 18.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
19. 19.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
20. 20.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
21. 21.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
22. 22.A small business selling paper bookmarks had a revenue of ₹1890 and a profit of ₹240. What were its costs (in ₹)?
23. 23.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
25. 25.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
27. 27.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
28. 28.A small business sells 25 clay diyas at ₹5 each. What is its revenue (in ₹)?
29. 29.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) run by directors
30. 30.A small business sells 45 glasses of chai at ₹15 each. What is its revenue (in ₹)?
31. 31.A small business sells 54 cupcakes at ₹25 each. Its costs are ₹770. What is its profit (in ₹)?
32. 32.A small business sells 41 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
33. 33.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
34. 34.A small business sells 40 glasses of chai at ₹15 each. What is its revenue (in ₹)?
35. 35.A small business sells 52 bags of popcorn at ₹25 each. Its costs are ₹490. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
37. 37.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
38. 38.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
39. 39.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
40. 40.True or false: “simplest to start” is true of a sole trader. (a) False (b) True

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