Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 316 · 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.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
2. 2.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner keeps all profit
3. 3.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) owner keeps all profit
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
6. 6.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
7. 7.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
8. 8.A small business sells 49 bags of popcorn at ₹40 each. Its costs are ₹460. What is its profit (in ₹)?
9. 9.A small business selling friendship bands had a revenue of ₹280 and a profit of ₹260. What were its costs (in ₹)?
10. 10.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.A small business selling bags of popcorn had a revenue of ₹630 and a profit of ₹240. What were its costs (in ₹)?
13. 13.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
14. 14.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
15. 15.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) a separate legal body (d) run by directors
16. 16.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
17. 17.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
18. 18.A small business selling paper bookmarks had a revenue of ₹1080 and a profit of ₹690. What were its costs (in ₹)?
19. 19.A small business sells 30 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
20. 20.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
21. 21.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
22. 22.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
23. 23.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
24. 24.A small business sells 31 jute bags at ₹25 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
27. 27.A small business sells 19 cupcakes at ₹40 each. What is its revenue (in ₹)?
28. 28.True or false: “owned by shareholders” is true of a company. (a) True (b) False
29. 29.A small business selling clay diyas had a revenue of ₹2800 and a profit of ₹170. What were its costs (in ₹)?
30. 30.A small business selling friendship bands had a revenue of ₹205 and a profit of ₹25. What were its costs (in ₹)?
31. 31.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
32. 32.A small business sells 45 potted plants at ₹5 each. What is its revenue (in ₹)?
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
34. 34.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
35. 35.True or false: “a separate legal body” is true of a company. (a) False (b) True
36. 36.A small business selling glasses of chai had a revenue of ₹600 and a profit of ₹480. What were its costs (in ₹)?
37. 37.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) a separate legal body
38. 38.A small business sells 48 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
39. 39.A small business sells 38 cupcakes at ₹25 each. Its costs are ₹900. What is its profit (in ₹)?
40. 40.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) owned by shareholders

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