Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 352 · 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: simplest to start? (a) a company (b) a sole trader
2. 2.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
5. 5.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
6. 6.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
7. 7.A small business sells 30 handmade cards at ₹10 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) one owner runs it (d) owner owes the debts
9. 9.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
10. 10.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
11. 11.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
14. 14.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
16. 16.A small business selling painted pebbles had a revenue of ₹1325 and a profit of ₹25. What were its costs (in ₹)?
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
18. 18.A small business sells 50 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
19. 19.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
20. 20.True or false: “run by directors” is true of a sole trader. (a) True (b) False
21. 21.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) run by directors (d) a separate legal body
22. 22.A small business selling glasses of chai had a revenue of ₹2700 and a profit of ₹1970. What were its costs (in ₹)?
23. 23.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
26. 26.A small business sells 56 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
27. 27.A small business selling painted pebbles had a revenue of ₹235 and a profit of ₹115. What were its costs (in ₹)?
28. 28.A small business selling bags of popcorn had a revenue of ₹140 and a profit of ₹30. What were its costs (in ₹)?
29. 29.A small business selling cupcakes had a revenue of ₹375 and a profit of ₹305. What were its costs (in ₹)?
30. 30.A small business selling painted pebbles had a revenue of ₹465 and a profit of ₹325. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
32. 32.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
33. 33.A small business selling paper bookmarks had a revenue of ₹1820 and a profit of ₹150. What were its costs (in ₹)?
34. 34.A small business selling bags of popcorn had a revenue of ₹1575 and a profit of ₹265. What were its costs (in ₹)?
35. 35.A small business sells 15 fruit cups at ₹20 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) run by directors
37. 37.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 54 painted pebbles at ₹30 each. What is its revenue (in ₹)?
39. 39.True or false: “one owner runs it” is true of a company. (a) True (b) False
40. 40.A small business sells 37 handmade cards at ₹30 each. What is its revenue (in ₹)?

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