Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 469 · 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) owned by shareholders (b) owner owes the debts (c) run by directors (d) a separate legal body
2. 2.A small business sells 14 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
3. 3.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
4. 4.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) one owner runs it
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
7. 7.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
8. 8.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
9. 9.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
10. 10.True or false: “owned by shareholders” is true of a company. (a) True (b) False
11. 11.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
12. 12.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
14. 14.A small business selling paper bookmarks had a revenue of ₹770 and a profit of ₹240. What were its costs (in ₹)?
15. 15.A small business sells 42 glasses of chai at ₹5 each. What is its revenue (in ₹)?
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.A small business sells 39 jute bags at ₹5 each. Its costs are ₹180. What is its profit (in ₹)?
18. 18.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
19. 19.A small business sells 28 potted plants at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
20. 20.True or false: “simplest to start” is true of a company. (a) True (b) False
21. 21.A small business selling paper bookmarks had a revenue of ₹1470 and a profit of ₹840. What were its costs (in ₹)?
22. 22.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
23. 23.True or false: “run by directors” is true of a sole trader. (a) True (b) False
24. 24.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
25. 25.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
26. 26.A small business sells 49 bags of popcorn at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
28. 28.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) owners’ risk is limited
29. 29.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
30. 30.A small business sells 17 potted plants at ₹20 each. Its costs are ₹130. What is its profit (in ₹)?
31. 31.A small business sells 18 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
32. 32.True or false: “owner owes the debts” is true of a company. (a) False (b) True
33. 33.A small business selling handmade cards had a revenue of ₹1125 and a profit of ₹915. What were its costs (in ₹)?
34. 34.A small business selling cups of lemonade had a revenue of ₹750 and a profit of ₹130. What were its costs (in ₹)?
35. 35.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
36. 36.A small business sells 32 handmade cards at ₹30 each. What is its revenue (in ₹)?
37. 37.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
38. 38.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
39. 39.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company

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