Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 463 · 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 company? (a) run by directors (b) owner keeps all profit (c) simplest to start (d) one owner runs it
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
3. 3.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
4. 4.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
5. 5.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
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) owner owes the debts
8. 8.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
9. 9.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) run by directors (d) a separate legal body
10. 10.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
11. 11.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
12. 12.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
13. 13.A small business selling glasses of chai had a revenue of ₹300 and a profit of ₹280. What were its costs (in ₹)?
14. 14.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
16. 16.A small business sells 20 friendship bands at ₹5 each. What is its revenue (in ₹)?
17. 17.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
18. 18.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts
19. 19.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
20. 20.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
21. 21.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
22. 22.True or false: “run by directors” is true of a sole trader. (a) True (b) False
23. 23.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) one owner runs it
24. 24.A small business selling fruit cups had a revenue of ₹420 and a profit of ₹90. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
26. 26.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
27. 27.A small business sells 50 friendship bands at ₹25 each. Its costs are ₹1040. What is its profit (in ₹)?
28. 28.A small business sells 46 fruit cups at ₹20 each. What is its revenue (in ₹)?
29. 29.A small business sells 43 jute bags at ₹30 each. What is its revenue (in ₹)?
30. 30.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
31. 31.A small business sells 18 friendship bands at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
32. 32.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
33. 33.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
34. 34.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) owned by shareholders
35. 35.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
36. 36.A small business sells 31 cupcakes at ₹30 each. Its costs are ₹420. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
38. 38.A small business selling potted plants had a revenue of ₹1080 and a profit of ₹870. What were its costs (in ₹)?
39. 39.True or false: “simplest to start” is true of a company. (a) True (b) False
40. 40.A small business sells 24 cupcakes at ₹45 each. What is its revenue (in ₹)?

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