Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 44 · 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.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
2. 2.True or false: “simplest to start” is true of a company. (a) True (b) False
3. 3.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
5. 5.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) owner owes the debts (d) one owner runs it
6. 6.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
7. 7.📜 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
8. 8.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
9. 9.True or false: “one owner runs it” is true of a company. (a) True (b) False
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) a separate legal body
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
13. 13.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
14. 14.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
16. 16.A small business sells 16 potted plants at ₹25 each. Its costs are ₹220. What is its profit (in ₹)?
17. 17.A small business selling cupcakes had a revenue of ₹960 and a profit of ₹490. What were its costs (in ₹)?
18. 18.A small business sells 11 handmade cards at ₹15 each. What is its revenue (in ₹)?
19. 19.True or false: “run by directors” is true of a company. (a) False (b) True
20. 20.A small business sells 40 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
22. 22.A small business sells 38 paper bookmarks at ₹30 each. Its costs are ₹150. What is its profit (in ₹)?
23. 23.A small business sells 45 glasses of chai at ₹25 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
25. 25.A small business selling clay diyas had a revenue of ₹1610 and a profit of ₹490. What were its costs (in ₹)?
26. 26.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
27. 27.A small business selling cups of lemonade had a revenue of ₹435 and a profit of ₹275. What were its costs (in ₹)?
28. 28.A small business selling bags of popcorn had a revenue of ₹870 and a profit of ₹520. What were its costs (in ₹)?
29. 29.🎂 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
30. 30.A small business selling handmade cards had a revenue of ₹1920 and a profit of ₹850. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
32. 32.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
33. 33.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
34. 34.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) simplest to start
35. 35.A small business selling paper bookmarks had a revenue of ₹1215 and a profit of ₹995. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
38. 38.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
39. 39.A small business sells 40 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
40. 40.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True

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