Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 405 · 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: “owners’ risk is limited” 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 sole trader (b) a company
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
5. 5.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
6. 6.🎂 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
7. 7.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
8. 8.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner owes the debts (d) one owner runs it
9. 9.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
10. 10.A small business sells 41 clay diyas at ₹10 each. What is its revenue (in ₹)?
11. 11.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
12. 12.A small business sells 51 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
13. 13.A small business sells 13 clay diyas at ₹5 each. What is its revenue (in ₹)?
14. 14.A small business selling painted pebbles had a revenue of ₹285 and a profit of ₹65. What were its costs (in ₹)?
15. 15.A small business selling painted pebbles had a revenue of ₹1800 and a profit of ₹1540. What were its costs (in ₹)?
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
17. 17.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner keeps all profit
18. 18.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
19. 19.A small business sells 20 potted plants at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
21. 21.A small business sells 38 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
22. 22.A small business sells 50 cupcakes at ₹15 each. What is its revenue (in ₹)?
23. 23.A small business sells 49 potted plants at ₹45 each. Its costs are ₹170. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.A small business sells 51 painted pebbles at ₹25 each. What is its revenue (in ₹)?
26. 26.📜 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
27. 27.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
29. 29.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
30. 30.A small business sells 56 painted pebbles at ₹20 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
32. 32.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
33. 33.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
34. 34.A small business sells 31 fruit cups at ₹30 each. What is its revenue (in ₹)?
35. 35.A small business selling bags of popcorn had a revenue of ₹795 and a profit of ₹665. What were its costs (in ₹)?
36. 36.A small business sells 29 glasses of chai at ₹30 each. Its costs are ₹290. What is its profit (in ₹)?
37. 37.A small business selling clay diyas had a revenue of ₹450 and a profit of ₹320. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
39. 39.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owned by shareholders
40. 40.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader

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