Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 359 · 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: owner keeps all profit? (a) a company (b) a sole trader
2. 2.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
3. 3.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
4. 4.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) run by directors
6. 6.Which of these is true of a company? (a) run by directors (b) simplest to start (c) one owner runs it (d) owner owes the debts
7. 7.A small business sells 34 glasses of chai at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
8. 8.True or false: “run by directors” is true of a sole trader. (a) True (b) False
9. 9.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
11. 11.A small business sells 14 friendship bands at ₹35 each. Its costs are ₹330. What is its profit (in ₹)?
12. 12.A small business selling cups of lemonade had a revenue of ₹665 and a profit of ₹455. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
15. 15.A small business sells 14 potted plants at ₹45 each. Its costs are ₹160. What is its profit (in ₹)?
16. 16.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
17. 17.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
18. 18.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner keeps all profit
21. 21.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
22. 22.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
23. 23.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
24. 24.True or false: “run by directors” is true of a company. (a) False (b) True
25. 25.A small business sells 40 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
26. 26.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
27. 27.A small business sells 10 cupcakes at ₹20 each. What is its revenue (in ₹)?
28. 28.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
29. 29.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner owes the debts (d) owners’ risk is limited
30. 30.True or false: “simplest to start” is true of a company. (a) False (b) True
31. 31.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
32. 32.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) simplest to start
33. 33.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
34. 34.A small business selling bags of popcorn had a revenue of ₹65 and a profit of ₹35. What were its costs (in ₹)?
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
36. 36.A small business selling glasses of chai had a revenue of ₹240 and a profit of ₹220. What were its costs (in ₹)?
37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 26 glasses of chai at ₹45 each. What is its revenue (in ₹)?
39. 39.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
40. 40.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner owes the debts (d) simplest to start

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