Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 406 · 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.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
2. 2.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
4. 4.True or false: “one owner runs it” is true of a company. (a) True (b) False
5. 5.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
6. 6.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
7. 7.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) a separate legal body
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
10. 10.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
11. 11.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
12. 12.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
13. 13.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
14. 14.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
16. 16.A small business sells 28 glasses of chai at ₹20 each. Its costs are ₹210. What is its profit (in ₹)?
17. 17.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) run by directors
19. 19.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
20. 20.True or false: “simplest to start” is true of a company. (a) True (b) False
21. 21.A small business sells 40 bags of popcorn at ₹20 each. Its costs are ₹660. What is its profit (in ₹)?
22. 22.A small business sells 28 cupcakes at ₹40 each. Its costs are ₹90. What is its profit (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owners’ risk is limited (d) run by directors
24. 24.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
25. 25.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
26. 26.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
27. 27.True or false: “owned by shareholders” is true of a company. (a) True (b) False
28. 28.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
29. 29.A small business sells 19 handmade cards at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
30. 30.A small business sells 43 cupcakes at ₹40 each. What is its revenue (in ₹)?
31. 31.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
32. 32.A small business sells 11 glasses of chai at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
33. 33.A small business selling cupcakes had a revenue of ₹170 and a profit of ₹110. What were its costs (in ₹)?
34. 34.A small business selling clay diyas had a revenue of ₹810 and a profit of ₹80. What were its costs (in ₹)?
35. 35.A small business sells 14 cups of lemonade at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
36. 36.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
37. 37.True or false: “a separate legal body” is true of a company. (a) False (b) True
38. 38.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
39. 39.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
40. 40.A small business sells 47 paper bookmarks at ₹5 each. What is its revenue (in ₹)?

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