Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 305 · 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: “a separate legal body” is true of a company. (a) False (b) True
2. 2.True or false: “owned by shareholders” is true of a company. (a) False (b) True
3. 3.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
4. 4.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
5. 5.A small business sells 57 fruit cups at ₹40 each. Its costs are ₹1150. What is its profit (in ₹)?
6. 6.A small business sells 49 painted pebbles at ₹45 each. What is its revenue (in ₹)?
7. 7.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
8. 8.A small business sells 24 glasses of chai at ₹25 each. Its costs are ₹250. What is its profit (in ₹)?
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
11. 11.True or false: “owner owes the debts” is true of a company. (a) False (b) True
12. 12.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
15. 15.True or false: “simplest to start” is true of a company. (a) False (b) True
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) simplest to start
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) one owner runs it
18. 18.A small business sells 40 glasses of chai at ₹5 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
20. 20.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) run by directors
21. 21.A small business selling bags of popcorn had a revenue of ₹1400 and a profit of ₹130. What were its costs (in ₹)?
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.A small business sells 51 friendship bands at ₹45 each. What is its revenue (in ₹)?
24. 24.A small business sells 23 cupcakes at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
25. 25.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
26. 26.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.True or false: “one owner runs it” is true of a company. (a) True (b) False
29. 29.A small business sells 31 fruit cups at ₹5 each. What is its revenue (in ₹)?
30. 30.A small business sells 11 handmade cards at ₹15 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owned by shareholders
32. 32.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) run by directors (d) one owner runs it
33. 33.A small business sells 52 clay diyas at ₹30 each. Its costs are ₹1360. What is its profit (in ₹)?
34. 34.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
35. 35.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
36. 36.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
37. 37.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) run by directors
38. 38.A small business sells 19 fruit cups at ₹20 each. What is its revenue (in ₹)?
39. 39.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 39 cupcakes at ₹5 each. What is its revenue (in ₹)?

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