Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 217 · 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: a separate legal body? (a) a sole trader (b) a company
2. 2.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
3. 3.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) a separate legal body (d) owned by shareholders
4. 4.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
5. 5.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
6. 6.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
7. 7.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
8. 8.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) simplest to start (d) one owner runs it
9. 9.A small business selling bags of popcorn had a revenue of ₹465 and a profit of ₹215. What were its costs (in ₹)?
10. 10.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
11. 11.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
12. 12.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
13. 13.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
14. 14.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) run by directors
15. 15.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owned by shareholders
16. 16.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
17. 17.True or false: “owner owes the debts” is true of a company. (a) False (b) True
18. 18.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
19. 19.True or false: “run by directors” is true of a sole trader. (a) True (b) False
20. 20.A small business sells 23 fruit cups at ₹25 each. Its costs are ₹320. What is its profit (in ₹)?
21. 21.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
22. 22.A small business sells 37 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
23. 23.A small business sells 24 potted plants at ₹25 each. Its costs are ₹480. What is its profit (in ₹)?
24. 24.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
25. 25.A small business sells 43 glasses of chai at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
26. 26.A small business sells 55 jute bags at ₹35 each. Its costs are ₹1480. What is its profit (in ₹)?
27. 27.A small business sells 17 fruit cups at ₹45 each. Its costs are ₹130. What is its profit (in ₹)?
28. 28.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
29. 29.A small business sells 36 glasses of chai at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
30. 30.A small business sells 17 friendship bands at ₹35 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
32. 32.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
33. 33.A small business sells 10 glasses of chai at ₹50 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
35. 35.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
36. 36.A small business sells 45 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
37. 37.A small business sells 16 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
39. 39.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
40. 40.A small business selling clay diyas had a revenue of ₹1750 and a profit of ₹130. What were its costs (in ₹)?

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