Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 327 · 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: owners’ risk is limited? (a) a sole trader (b) a company
2. 2.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
3. 3.A small business sells 58 fruit cups at ₹20 each. Its costs are ₹1100. What is its profit (in ₹)?
4. 4.A small business sells 27 glasses of chai at ₹10 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.🎂 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
7. 7.📜 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
8. 8.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) simplest to start (d) owned by shareholders
9. 9.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
11. 11.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
12. 12.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
13. 13.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
14. 14.A small business sells 38 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.True or false: “owner owes the debts” is true of a company. (a) True (b) False
18. 18.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
19. 19.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
20. 20.True or false: “simplest to start” is true of a company. (a) True (b) False
21. 21.True or false: “run by directors” is true of a company. (a) False (b) True
22. 22.A small business selling cupcakes had a revenue of ₹585 and a profit of ₹555. What were its costs (in ₹)?
23. 23.A small business selling jute bags had a revenue of ₹1770 and a profit of ₹330. What were its costs (in ₹)?
24. 24.True or false: “run by directors” is true of a sole trader. (a) False (b) True
25. 25.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
26. 26.A small business sells 28 painted pebbles at ₹15 each. Its costs are ₹290. What is its profit (in ₹)?
27. 27.A small business sells 48 glasses of chai at ₹45 each. What is its revenue (in ₹)?
28. 28.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
29. 29.A small business sells 45 friendship bands at ₹50 each. Its costs are ₹800. What is its profit (in ₹)?
30. 30.A small business selling potted plants had a revenue of ₹390 and a profit of ₹210. What were its costs (in ₹)?
31. 31.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
32. 32.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
33. 33.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
35. 35.A small business sells 40 painted pebbles at ₹15 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) run by directors
37. 37.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
38. 38.A small business sells 57 friendship bands at ₹35 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader

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