Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 498 · 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.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
2. 2.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
3. 3.A small business sells 55 glasses of chai at ₹50 each. What is its revenue (in ₹)?
4. 4.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) run by directors
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
7. 7.A small business sells 38 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
8. 8.A small business sells 17 bags of popcorn at ₹10 each. Its costs are ₹120. What is its profit (in ₹)?
9. 9.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
13. 13.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) simplest to start
14. 14.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
15. 15.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
16. 16.A small business sells 44 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
17. 17.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
18. 18.True or false: “run by directors” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 35 friendship bands at ₹40 each. What is its revenue (in ₹)?
20. 20.A small business sells 11 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
22. 22.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
23. 23.A small business sells 34 glasses of chai at ₹15 each. What is its revenue (in ₹)?
24. 24.True or false: “a separate legal body” is true of a company. (a) False (b) True
25. 25.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) owners’ risk is limited
26. 26.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
27. 27.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
28. 28.A small business sells 25 handmade cards at ₹40 each. What is its revenue (in ₹)?
29. 29.A small business sells 10 jute bags at ₹10 each. What is its revenue (in ₹)?
30. 30.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
31. 31.True or false: “simplest to start” is true of a company. (a) True (b) False
32. 32.A small business sells 12 handmade cards at ₹40 each. What is its revenue (in ₹)?
33. 33.True or false: “owner owes the debts” is true of a company. (a) False (b) True
34. 34.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
35. 35.A small business sells 49 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
36. 36.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
37. 37.A small business sells 48 potted plants at ₹40 each. Its costs are ₹90. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
39. 39.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False

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