Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 423 · 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) run by directors (c) owners’ risk is limited (d) a separate legal body
2. 2.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) run by directors
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
4. 4.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
5. 5.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
6. 6.A small business selling painted pebbles had a revenue of ₹850 and a profit of ₹80. What were its costs (in ₹)?
7. 7.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
8. 8.A small business selling friendship bands had a revenue of ₹1180 and a profit of ₹920. What were its costs (in ₹)?
9. 9.🎂 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
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner keeps all profit (d) owners’ risk is limited
12. 12.True or false: “run by directors” is true of a company. (a) True (b) False
13. 13.A small business selling friendship bands had a revenue of ₹140 and a profit of ₹60. What were its costs (in ₹)?
14. 14.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
15. 15.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner owes the debts
17. 17.A small business selling bags of popcorn had a revenue of ₹475 and a profit of ₹235. What were its costs (in ₹)?
18. 18.A small business sells 43 cups of lemonade at ₹40 each. Its costs are ₹150. What is its profit (in ₹)?
19. 19.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
20. 20.A small business sells 59 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
21. 21.A small business sells 15 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) simplest to start
23. 23.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) owners’ risk is limited
24. 24.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
25. 25.A small business selling cups of lemonade had a revenue of ₹950 and a profit of ₹740. What were its costs (in ₹)?
26. 26.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
27. 27.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
28. 28.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
29. 29.A small business sells 49 fruit cups at ₹15 each. What is its revenue (in ₹)?
30. 30.A small business sells 37 bags of popcorn at ₹50 each. Its costs are ₹1340. What is its profit (in ₹)?
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) one owner runs it
32. 32.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
33. 33.A small business sells 50 clay diyas at ₹20 each. What is its revenue (in ₹)?
34. 34.True or false: “owned by shareholders” is true of a company. (a) False (b) True
35. 35.A small business sells 20 potted plants at ₹30 each. Its costs are ₹130. What is its profit (in ₹)?
36. 36.A small business sells 50 clay diyas at ₹45 each. What is its revenue (in ₹)?
37. 37.A small business sells 37 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
38. 38.A small business selling clay diyas had a revenue of ₹2340 and a profit of ₹2140. What were its costs (in ₹)?
39. 39.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
40. 40.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company

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