Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 471 · 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 owes the debts (c) one owner runs it (d) owner keeps all profit
2. 2.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
3. 3.A small business sells 44 handmade cards at ₹45 each. Its costs are ₹600. What is its profit (in ₹)?
4. 4.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
5. 5.A small business selling glasses of chai had a revenue of ₹1800 and a profit of ₹30. What were its costs (in ₹)?
6. 6.A small business selling fruit cups had a revenue of ₹1040 and a profit of ₹710. What were its costs (in ₹)?
7. 7.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
8. 8.A small business sells 19 handmade cards at ₹30 each. What is its revenue (in ₹)?
9. 9.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
10. 10.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
11. 11.True or false: “a separate legal body” is true of a company. (a) False (b) True
12. 12.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) owners’ risk is limited
13. 13.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) owners’ risk is limited
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) a separate legal body
17. 17.True or false: “owner owes the debts” is true of a company. (a) False (b) True
18. 18.A small business sells 59 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
19. 19.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
20. 20.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
21. 21.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
22. 22.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
23. 23.A small business sells 21 fruit cups at ₹45 each. Its costs are ₹460. What is its profit (in ₹)?
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.A small business selling friendship bands had a revenue of ₹900 and a profit of ₹230. What were its costs (in ₹)?
26. 26.True or false: “one owner runs it” is true of a company. (a) True (b) False
27. 27.A small business sells 58 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
29. 29.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
30. 30.True or false: “simplest to start” is true of a company. (a) True (b) False
31. 31.A small business sells 24 cupcakes at ₹10 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner owes the debts
33. 33.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) simplest to start
34. 34.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
37. 37.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
38. 38.A small business selling glasses of chai had a revenue of ₹705 and a profit of ₹325. What were its costs (in ₹)?
39. 39.True or false: “run by directors” is true of a company. (a) False (b) True
40. 40.A small business selling friendship bands had a revenue of ₹2850 and a profit of ₹570. What were its costs (in ₹)?

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