Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 310 · 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.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
2. 2.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
3. 3.True or false: “one owner runs it” is true of a company. (a) False (b) True
4. 4.A small business selling glasses of chai had a revenue of ₹400 and a profit of ₹180. What were its costs (in ₹)?
5. 5.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
6. 6.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
9. 9.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
10. 10.A small business selling fruit cups had a revenue of ₹2750 and a profit of ₹2430. What were its costs (in ₹)?
11. 11.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
12. 12.True or false: “a separate legal body” is true of a company. (a) False (b) True
13. 13.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
14. 14.A small business sells 27 potted plants at ₹45 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
16. 16.A small business sells 29 clay diyas at ₹45 each. Its costs are ₹110. What is its profit (in ₹)?
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) simplest to start
18. 18.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owned by shareholders (d) a separate legal body
19. 19.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
20. 20.A small business selling bags of popcorn had a revenue of ₹1740 and a profit of ₹510. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
22. 22.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner owes the debts (d) one owner runs it
23. 23.A small business sells 11 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
24. 24.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
25. 25.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
26. 26.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
27. 27.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
29. 29.A small business selling handmade cards had a revenue of ₹600 and a profit of ₹130. What were its costs (in ₹)?
30. 30.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
31. 31.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
32. 32.A small business sells 20 friendship bands at ₹5 each. What is its revenue (in ₹)?
33. 33.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
34. 34.A small business sells 51 glasses of chai at ₹20 each. What is its revenue (in ₹)?
35. 35.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
36. 36.True or false: “owned by shareholders” is true of a company. (a) False (b) True
37. 37.A small business sells 47 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
38. 38.A small business selling fruit cups had a revenue of ₹400 and a profit of ₹380. What were its costs (in ₹)?
39. 39.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False

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