Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 399 · 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: “a separate legal body” is true of a company. (a) True (b) False
2. 2.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
4. 4.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
5. 5.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
6. 6.A small business sells 10 friendship bands at ₹35 each. Its costs are ₹330. What is its profit (in ₹)?
7. 7.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
8. 8.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
9. 9.A small business sells 28 glasses of chai at ₹5 each. What is its revenue (in ₹)?
10. 10.A small business selling clay diyas had a revenue of ₹1260 and a profit of ₹470. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
12. 12.🎂 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
13. 13.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
14. 14.A small business selling cups of lemonade had a revenue of ₹900 and a profit of ₹110. What were its costs (in ₹)?
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts
16. 16.A small business selling paper bookmarks had a revenue of ₹260 and a profit of ₹120. What were its costs (in ₹)?
17. 17.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
18. 18.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
19. 19.A small business selling cupcakes had a revenue of ₹1935 and a profit of ₹425. What were its costs (in ₹)?
20. 20.True or false: “one owner runs it” is true of a company. (a) False (b) True
21. 21.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
22. 22.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
23. 23.A small business selling painted pebbles had a revenue of ₹1800 and a profit of ₹160. What were its costs (in ₹)?
24. 24.A small business sells 55 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) a separate legal body
26. 26.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
27. 27.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
29. 29.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
30. 30.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
31. 31.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
32. 32.A small business sells 40 handmade cards at ₹5 each. What is its revenue (in ₹)?
33. 33.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) run by directors
34. 34.A small business selling glasses of chai had a revenue of ₹1550 and a profit of ₹860. What were its costs (in ₹)?
35. 35.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) owner owes the debts (d) one owner runs it
36. 36.A small business selling cupcakes had a revenue of ₹600 and a profit of ₹390. What were its costs (in ₹)?
37. 37.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
38. 38.True or false: “run by directors” is true of a sole trader. (a) True (b) False
39. 39.True or false: “owner owes the debts” is true of a company. (a) True (b) False
40. 40.A small business selling jute bags had a revenue of ₹1015 and a profit of ₹495. What were its costs (in ₹)?

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