Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 4 · 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.📜 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
2. 2.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 keeps all profit
3. 3.A small business sells 11 potted plants at ₹40 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
5. 5.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner keeps all profit (d) simplest to start
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
7. 7.A small business sells 21 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
8. 8.True or false: “simplest to start” is true of a company. (a) False (b) True
9. 9.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
10. 10.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
11. 11.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) simplest to start
12. 12.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
13. 13.A small business selling handmade cards had a revenue of ₹990 and a profit of ₹170. What were its costs (in ₹)?
14. 14.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owned by shareholders (d) a separate legal body
15. 15.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
16. 16.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
17. 17.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
18. 18.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 26 potted plants at ₹30 each. Its costs are ₹20. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
21. 21.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
22. 22.A small business selling cups of lemonade had a revenue of ₹3000 and a profit of ₹640. What were its costs (in ₹)?
23. 23.A small business sells 40 handmade cards at ₹10 each. Its costs are ₹200. What is its profit (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
25. 25.True or false: “run by directors” is true of a sole trader. (a) False (b) True
26. 26.A small business selling handmade cards had a revenue of ₹700 and a profit of ₹190. What were its costs (in ₹)?
27. 27.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
28. 28.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
29. 29.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
30. 30.A small business selling glasses of chai had a revenue of ₹2250 and a profit of ₹590. What were its costs (in ₹)?
31. 31.A small business selling paper bookmarks had a revenue of ₹480 and a profit of ₹20. What were its costs (in ₹)?
32. 32.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
33. 33.A small business sells 52 paper bookmarks at ₹20 each. Its costs are ₹370. What is its profit (in ₹)?
34. 34.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
35. 35.A small business sells 27 cupcakes at ₹5 each. What is its revenue (in ₹)?
36. 36.A small business sells 17 cupcakes at ₹25 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
38. 38.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
39. 39.A small business selling cupcakes had a revenue of ₹360 and a profit of ₹170. What were its costs (in ₹)?
40. 40.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True

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