Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 282 · 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) a separate legal body (b) simplest to start (c) one owner runs it (d) owner owes the debts
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
3. 3.A small business sells 13 paper bookmarks at ₹25 each. Its costs are ₹30. What is its profit (in ₹)?
4. 4.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
5. 5.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
7. 7.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) owned by shareholders
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) one owner runs it
10. 10.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
11. 11.A small business sells 13 handmade cards at ₹10 each. What is its revenue (in ₹)?
12. 12.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
13. 13.True or false: “run by directors” is true of a sole trader. (a) True (b) False
14. 14.True or false: “owner owes the debts” is true of a company. (a) False (b) True
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner keeps all profit
16. 16.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
17. 17.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
18. 18.A small business sells 30 potted plants at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
19. 19.A small business sells 21 jute bags at ₹45 each. What is its revenue (in ₹)?
20. 20.A small business sells 22 potted plants at ₹25 each. Its costs are ₹70. What is its profit (in ₹)?
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) simplest to start
22. 22.A small business selling friendship bands had a revenue of ₹570 and a profit of ₹210. What were its costs (in ₹)?
23. 23.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
24. 24.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
25. 25.A small business selling fruit cups had a revenue of ₹1770 and a profit of ₹1340. What were its costs (in ₹)?
26. 26.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
27. 27.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
28. 28.A small business sells 25 cupcakes at ₹50 each. What is its revenue (in ₹)?
29. 29.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
30. 30.A small business selling painted pebbles had a revenue of ₹255 and a profit of ₹45. What were its costs (in ₹)?
31. 31.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
32. 32.A small business sells 25 potted plants at ₹10 each. What is its revenue (in ₹)?
33. 33.True or false: “simplest to start” is true of a company. (a) True (b) False
34. 34.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
35. 35.A small business selling cups of lemonade had a revenue of ₹500 and a profit of ₹80. What were its costs (in ₹)?
36. 36.True or false: “owned by shareholders” is true of a company. (a) True (b) False
37. 37.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
38. 38.A small business selling jute bags had a revenue of ₹480 and a profit of ₹460. What were its costs (in ₹)?
39. 39.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
40. 40.A small business selling painted pebbles had a revenue of ₹1080 and a profit of ₹10. What were its costs (in ₹)?

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