Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 290 · 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 company (b) a sole trader
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.True or false: “simplest to start” is true of a company. (a) True (b) False
4. 4.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
5. 5.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
6. 6.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
7. 7.True or false: “owner owes the debts” is true of a company. (a) False (b) True
8. 8.A small business sells 19 friendship bands at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
10. 10.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 keeps all profit
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
13. 13.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.A small business sells 34 painted pebbles at ₹10 each. What is its revenue (in ₹)?
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
18. 18.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
19. 19.Which of these is true of a company? (a) simplest to start (b) run by directors (c) one owner runs it (d) owner owes the debts
20. 20.A small business sells 45 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
21. 21.A small business sells 25 handmade cards at ₹45 each. Its costs are ₹1010. What is its profit (in ₹)?
22. 22.A small business selling clay diyas had a revenue of ₹1710 and a profit of ₹1350. What were its costs (in ₹)?
23. 23.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
24. 24.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
25. 25.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
26. 26.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
27. 27.A small business sells 17 cupcakes at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
28. 28.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
29. 29.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
30. 30.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) run by directors
31. 31.A small business selling jute bags had a revenue of ₹1485 and a profit of ₹405. What were its costs (in ₹)?
32. 32.A small business sells 28 paper bookmarks at ₹30 each. Its costs are ₹170. What is its profit (in ₹)?
33. 33.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
34. 34.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
35. 35.A small business sells 15 friendship bands at ₹35 each. Its costs are ₹30. What is its profit (in ₹)?
36. 36.True or false: “a separate legal body” is true of a company. (a) False (b) True
37. 37.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
38. 38.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) simplest to start
39. 39.A small business sells 57 painted pebbles at ₹45 each. What is its revenue (in ₹)?
40. 40.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price

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