Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 321 · 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: “owners’ risk is limited” is true of a company. (a) False (b) True
2. 2.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
4. 4.A small business sells 20 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
5. 5.A small business sells 45 potted plants at ₹5 each. Its costs are ₹110. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
7. 7.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
9. 9.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner owes the debts (d) one owner runs it
10. 10.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
11. 11.A small business sells 42 glasses of chai at ₹35 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) owners’ risk is limited
14. 14.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
15. 15.A small business sells 33 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
16. 16.True or false: “simplest to start” is true of a company. (a) False (b) True
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner keeps all profit
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
19. 19.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
20. 20.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
21. 21.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.True or false: “run by directors” is true of a sole trader. (a) False (b) True
24. 24.A small business selling handmade cards had a revenue of ₹130 and a profit of ₹10. What were its costs (in ₹)?
25. 25.A small business selling cupcakes had a revenue of ₹380 and a profit of ₹90. What were its costs (in ₹)?
26. 26.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
27. 27.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
28. 28.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
29. 29.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
30. 30.A small business sells 49 bags of popcorn at ₹15 each. Its costs are ₹530. What is its profit (in ₹)?
31. 31.A small business selling cups of lemonade had a revenue of ₹330 and a profit of ₹100. What were its costs (in ₹)?
32. 32.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
33. 33.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 60 painted pebbles at ₹15 each. What is its revenue (in ₹)?
35. 35.True or false: “a separate legal body” is true of a company. (a) True (b) False
36. 36.A small business selling clay diyas had a revenue of ₹1080 and a profit of ₹500. What were its costs (in ₹)?
37. 37.A small business sells 14 glasses of chai at ₹45 each. Its costs are ₹540. What is its profit (in ₹)?
38. 38.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
39. 39.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
40. 40.True or false: “owner owes the debts” is true of a company. (a) False (b) True

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