Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 253 · 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.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
2. 2.True or false: “run by directors” is true of a company. (a) False (b) True
3. 3.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
4. 4.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
5. 5.True or false: “a separate legal body” is true of a company. (a) False (b) True
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.True or false: “one owner runs it” is true of a company. (a) True (b) False
8. 8.A small business sells 55 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
9. 9.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
10. 10.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
12. 12.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
13. 13.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
14. 14.A small business sells 37 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
16. 16.📜 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
17. 17.A small business selling glasses of chai had a revenue of ₹1080 and a profit of ₹1070. What were its costs (in ₹)?
18. 18.A small business sells 40 glasses of chai at ₹20 each. Its costs are ₹310. What is its profit (in ₹)?
19. 19.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
20. 20.A small business sells 59 cupcakes at ₹30 each. Its costs are ₹680. What is its profit (in ₹)?
21. 21.A small business sells 59 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
22. 22.A small business sells 60 handmade cards at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) a separate legal body
24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) one owner runs it (d) run by directors
25. 25.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
26. 26.A small business sells 50 friendship bands at ₹40 each. Its costs are ₹290. What is its profit (in ₹)?
27. 27.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
28. 28.A small business selling cups of lemonade had a revenue of ₹520 and a profit of ₹350. What were its costs (in ₹)?
29. 29.A small business sells 22 painted pebbles at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 46 fruit cups at ₹40 each. What is its revenue (in ₹)?
32. 32.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
33. 33.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
34. 34.True or false: “simplest to start” is true of a company. (a) False (b) True
35. 35.A small business selling potted plants had a revenue of ₹1680 and a profit of ₹1570. What were its costs (in ₹)?
36. 36.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
38. 38.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) a separate legal body
39. 39.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
40. 40.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts

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