Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 220 · 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.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) run by directors (d) a separate legal body
2. 2.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
3. 3.True or false: “owned by shareholders” is true of a company. (a) False (b) True
4. 4.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
5. 5.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
6. 6.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
7. 7.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
9. 9.A small business selling cupcakes had a revenue of ₹210 and a profit of ₹60. What were its costs (in ₹)?
10. 10.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) a separate legal body
11. 11.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
12. 12.True or false: “owner owes the debts” is true of a company. (a) True (b) False
13. 13.A small business selling handmade cards had a revenue of ₹70 and a profit of ₹10. What were its costs (in ₹)?
14. 14.A small business selling friendship bands had a revenue of ₹2065 and a profit of ₹35. What were its costs (in ₹)?
15. 15.A small business sells 10 friendship bands at ₹40 each. What is its revenue (in ₹)?
16. 16.A small business sells 44 bags of popcorn at ₹45 each. Its costs are ₹1060. What is its profit (in ₹)?
17. 17.Which of these is true of a company? (a) run by directors (b) simplest to start (c) one owner runs it (d) owner keeps all profit
18. 18.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
19. 19.A small business sells 45 painted pebbles at ₹15 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
26. 26.A small business sells 51 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) run by directors (d) owners’ risk is limited
29. 29.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
30. 30.True or false: “run by directors” is true of a company. (a) False (b) True
31. 31.True or false: “run by directors” is true of a sole trader. (a) True (b) False
32. 32.A small business sells 28 friendship bands at ₹10 each. What is its revenue (in ₹)?
33. 33.A small business sells 25 potted plants at ₹20 each. What is its revenue (in ₹)?
34. 34.A small business sells 10 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
35. 35.A small business sells 41 jute bags at ₹35 each. Its costs are ₹680. What is its profit (in ₹)?
36. 36.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
37. 37.A small business sells 10 potted plants at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
38. 38.True or false: “one owner runs it” is true of a company. (a) False (b) True
39. 39.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner keeps all profit (d) simplest to start
40. 40.A small business sells 22 painted pebbles at ₹45 each. What is its revenue (in ₹)?

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