Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 376 · 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.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
2. 2.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
4. 4.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
5. 5.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) owned by shareholders
6. 6.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
7. 7.True or false: “run by directors” is true of a sole trader. (a) False (b) True
8. 8.A small business sells 44 bags of popcorn at ₹45 each. Its costs are ₹460. What is its profit (in ₹)?
9. 9.A small business sells 39 cupcakes at ₹25 each. Its costs are ₹20. What is its profit (in ₹)?
10. 10.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
11. 11.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
12. 12.True or false: “simplest to start” is true of a company. (a) False (b) True
13. 13.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
16. 16.A small business sells 23 cups of lemonade at ₹5 each. Its costs are ₹90. What is its profit (in ₹)?
17. 17.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) one owner runs it
18. 18.True or false: “one owner runs it” is true of a company. (a) True (b) False
19. 19.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
20. 20.A small business sells 11 handmade cards at ₹15 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
22. 22.A small business sells 37 jute bags at ₹15 each. Its costs are ₹420. What is its profit (in ₹)?
23. 23.A small business selling clay diyas had a revenue of ₹380 and a profit of ₹150. What were its costs (in ₹)?
24. 24.A small business sells 35 friendship bands at ₹40 each. Its costs are ₹80. What is its profit (in ₹)?
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
27. 27.A small business sells 42 cupcakes at ₹15 each. Its costs are ₹120. What is its profit (in ₹)?
28. 28.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
29. 29.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
30. 30.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
31. 31.A small business sells 30 handmade cards at ₹40 each. Its costs are ₹670. What is its profit (in ₹)?
32. 32.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner keeps all profit
33. 33.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
34. 34.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) owner owes the debts
35. 35.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owned by shareholders (d) a separate legal body
36. 36.A small business selling friendship bands had a revenue of ₹110 and a profit of ₹10. What were its costs (in ₹)?
37. 37.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
39. 39.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
40. 40.A small business selling potted plants had a revenue of ₹1050 and a profit of ₹470. What were its costs (in ₹)?

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