Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 504 · 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) run by directors (b) one owner runs it (c) owned by shareholders (d) owners’ risk is limited
2. 2.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
3. 3.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
4. 4.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) simplest to start
6. 6.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
7. 7.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) a separate legal body
8. 8.A small business sells 28 handmade cards at ₹5 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
10. 10.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
11. 11.A small business sells 25 fruit cups at ₹20 each. What is its revenue (in ₹)?
12. 12.A small business sells 50 friendship bands at ₹40 each. What is its revenue (in ₹)?
13. 13.A small business sells 40 cups of lemonade at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
14. 14.True or false: “owned by shareholders” is true of a company. (a) False (b) True
15. 15.A small business sells 50 glasses of chai at ₹25 each. Its costs are ₹580. What is its profit (in ₹)?
16. 16.A small business sells 42 fruit cups at ₹15 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
18. 18.True or false: “simplest to start” is true of a company. (a) True (b) False
19. 19.True or false: “one owner runs it” is true of a company. (a) False (b) True
20. 20.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
21. 21.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
22. 22.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
23. 23.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
24. 24.A small business sells 43 cupcakes at ₹5 each. Its costs are ₹130. What is its profit (in ₹)?
25. 25.A small business sells 21 bags of popcorn at ₹45 each. Its costs are ₹90. What is its profit (in ₹)?
26. 26.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) owner keeps all profit (d) one owner runs it
27. 27.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
28. 28.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) run by directors (d) a separate legal body
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
30. 30.A small business sells 30 glasses of chai at ₹15 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
32. 32.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
33. 33.A small business selling glasses of chai had a revenue of ₹385 and a profit of ₹305. What were its costs (in ₹)?
34. 34.True or false: “run by directors” is true of a sole trader. (a) False (b) True
35. 35.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
36. 36.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
37. 37.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 40 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
39. 39.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 56 fruit cups at ₹10 each. What is its revenue (in ₹)?

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