Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 444 · 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 small business selling friendship bands had a revenue of ₹1785 and a profit of ₹225. What were its costs (in ₹)?
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) owned by shareholders
3. 3.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
5. 5.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
6. 6.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
7. 7.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
8. 8.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
9. 9.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
10. 10.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
13. 13.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
15. 15.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
18. 18.A small business sells 45 cupcakes at ₹25 each. What is its revenue (in ₹)?
19. 19.True or false: “run by directors” is true of a sole trader. (a) True (b) False
20. 20.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
22. 22.A small business selling glasses of chai had a revenue of ₹750 and a profit of ₹410. What were its costs (in ₹)?
23. 23.A small business sells 57 cupcakes at ₹15 each. What is its revenue (in ₹)?
24. 24.A small business selling paper bookmarks had a revenue of ₹425 and a profit of ₹215. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner keeps all profit
27. 27.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
28. 28.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
29. 29.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) simplest to start (d) one owner runs it
30. 30.A small business sells 51 paper bookmarks at ₹5 each. Its costs are ₹180. What is its profit (in ₹)?
31. 31.A small business sells 12 potted plants at ₹15 each. What is its revenue (in ₹)?
32. 32.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
33. 33.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
34. 34.A small business selling glasses of chai had a revenue of ₹1800 and a profit of ₹90. What were its costs (in ₹)?
35. 35.A small business sells 43 glasses of chai at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
36. 36.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
37. 37.True or false: “one owner runs it” is true of a company. (a) False (b) True
38. 38.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
39. 39.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) run by directors
40. 40.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False

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