Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 480 · 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.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) run by directors
3. 3.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
4. 4.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) run by directors
5. 5.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
6. 6.True or false: “run by directors” is true of a sole trader. (a) False (b) True
7. 7.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
8. 8.A small business selling glasses of chai had a revenue of ₹480 and a profit of ₹20. What were its costs (in ₹)?
9. 9.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
10. 10.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
11. 11.A small business sells 22 fruit cups at ₹40 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
13. 13.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
14. 14.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) owners’ risk is limited
16. 16.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
18. 18.True or false: “run by directors” is true of a company. (a) False (b) True
19. 19.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
20. 20.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
21. 21.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
22. 22.A small business selling handmade cards had a revenue of ₹150 and a profit of ₹40. What were its costs (in ₹)?
23. 23.A small business sells 41 glasses of chai at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
24. 24.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
25. 25.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
26. 26.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
27. 27.A small business sells 38 glasses of chai at ₹10 each. Its costs are ₹310. What is its profit (in ₹)?
28. 28.A small business sells 32 handmade cards at ₹20 each. What is its revenue (in ₹)?
29. 29.A small business sells 51 cupcakes at ₹30 each. Its costs are ₹1040. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
31. 31.A small business sells 51 potted plants at ₹45 each. What is its revenue (in ₹)?
32. 32.A small business selling friendship bands had a revenue of ₹580 and a profit of ₹130. What were its costs (in ₹)?
33. 33.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
34. 34.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
35. 35.A small business sells 31 painted pebbles at ₹30 each. Its costs are ₹430. What is its profit (in ₹)?
36. 36.A small business selling fruit cups had a revenue of ₹1935 and a profit of ₹405. What were its costs (in ₹)?
37. 37.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
38. 38.A small business sells 53 bags of popcorn at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
39. 39.A small business sells 50 friendship bands at ₹10 each. Its costs are ₹250. What is its profit (in ₹)?
40. 40.A small business sells 38 painted pebbles at ₹25 each. Its costs are ₹740. What is its profit (in ₹)?

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