Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 236 · 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 company? (a) run by directors (b) simplest to start (c) owner owes the debts (d) one owner runs it
2. 2.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
3. 3.A small business sells 14 glasses of chai at ₹15 each. What is its revenue (in ₹)?
4. 4.🎂 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
5. 5.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
6. 6.A small business sells 45 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) owner keeps all profit
8. 8.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) simplest to start
9. 9.A small business sells 32 cupcakes at ₹5 each. What is its revenue (in ₹)?
10. 10.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
12. 12.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
14. 14.A small business sells 55 clay diyas at ₹20 each. What is its revenue (in ₹)?
15. 15.A small business selling cups of lemonade had a revenue of ₹100 and a profit of ₹80. What were its costs (in ₹)?
16. 16.A small business sells 27 jute bags at ₹15 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
18. 18.A small business selling painted pebbles had a revenue of ₹620 and a profit of ₹480. What were its costs (in ₹)?
19. 19.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) owned by shareholders (d) run by directors
20. 20.A small business sells 12 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
21. 21.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
22. 22.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
23. 23.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
24. 24.A small business sells 13 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
26. 26.A small business sells 15 potted plants at ₹50 each. What is its revenue (in ₹)?
27. 27.A small business sells 22 painted pebbles at ₹15 each. Its costs are ₹150. What is its profit (in ₹)?
28. 28.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
29. 29.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
30. 30.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
31. 31.A small business sells 10 fruit cups at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
32. 32.True or false: “a separate legal body” is true of a company. (a) True (b) False
33. 33.A small business sells 45 glasses of chai at ₹20 each. What is its revenue (in ₹)?
34. 34.A small business sells 33 potted plants at ₹5 each. Its costs are ₹140. What is its profit (in ₹)?
35. 35.A small business selling paper bookmarks had a revenue of ₹675 and a profit of ₹325. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
37. 37.A small business selling friendship bands had a revenue of ₹725 and a profit of ₹545. What were its costs (in ₹)?
38. 38.A small business sells 26 friendship bands at ₹45 each. Its costs are ₹130. What is its profit (in ₹)?
39. 39.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner keeps all profit (d) owner owes the debts
40. 40.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader

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