Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 452 · 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) a separate legal body (b) one owner runs it (c) owned by shareholders (d) run by directors
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
3. 3.📜 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
4. 4.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
5. 5.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner owes the debts (d) one owner runs it
6. 6.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
7. 7.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
8. 8.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
9. 9.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
10. 10.A small business sells 12 friendship bands at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
12. 12.True or false: “run by directors” is true of a company. (a) True (b) False
13. 13.A small business sells 53 clay diyas at ₹50 each. Its costs are ₹120. What is its profit (in ₹)?
14. 14.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
15. 15.A small business selling cupcakes had a revenue of ₹540 and a profit of ₹20. What were its costs (in ₹)?
16. 16.A small business selling jute bags had a revenue of ₹600 and a profit of ₹80. What were its costs (in ₹)?
17. 17.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
18. 18.A small business sells 18 cups of lemonade at ₹40 each. Its costs are ₹150. What is its profit (in ₹)?
19. 19.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
20. 20.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
22. 22.True or false: “one owner runs it” is true of a company. (a) True (b) False
23. 23.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owners’ risk is limited (d) owner owes the debts
24. 24.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner keeps all profit
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owned by shareholders (d) owners’ risk is limited
27. 27.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
28. 28.A small business sells 20 cups of lemonade at ₹45 each. Its costs are ₹430. What is its profit (in ₹)?
29. 29.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) run by directors
30. 30.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
32. 32.A small business selling clay diyas had a revenue of ₹420 and a profit of ₹290. What were its costs (in ₹)?
33. 33.A small business sells 59 painted pebbles at ₹50 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
35. 35.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
36. 36.A small business sells 12 friendship bands at ₹25 each. Its costs are ₹210. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
38. 38.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
39. 39.A small business selling handmade cards had a revenue of ₹560 and a profit of ₹110. What were its costs (in ₹)?
40. 40.A small business selling clay diyas had a revenue of ₹705 and a profit of ₹555. What were its costs (in ₹)?

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