Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 514 · 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) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) run by directors
2. 2.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
3. 3.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
4. 4.A small business sells 26 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
6. 6.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
7. 7.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
8. 8.A small business sells 18 painted pebbles at ₹40 each. What is its revenue (in ₹)?
9. 9.True or false: “one owner runs it” is true of a company. (a) False (b) True
10. 10.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
11. 11.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
12. 12.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
13. 13.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
14. 14.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
15. 15.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
17. 17.A small business sells 47 jute bags at ₹35 each. Its costs are ₹1300. What is its profit (in ₹)?
18. 18.A small business selling friendship bands had a revenue of ₹2400 and a profit of ₹2270. What were its costs (in ₹)?
19. 19.True or false: “run by directors” is true of a sole trader. (a) True (b) False
20. 20.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
22. 22.True or false: “run by directors” is true of a company. (a) True (b) False
23. 23.A small business sells 12 clay diyas at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) owned by shareholders (d) run by directors
25. 25.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
26. 26.True or false: “owned by shareholders” is true of a company. (a) False (b) True
27. 27.A small business selling cupcakes had a revenue of ₹560 and a profit of ₹460. What were its costs (in ₹)?
28. 28.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
29. 29.A small business sells 48 painted pebbles at ₹15 each. What is its revenue (in ₹)?
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
31. 31.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
33. 33.A small business sells 26 potted plants at ₹35 each. Its costs are ₹400. What is its profit (in ₹)?
34. 34.A small business sells 56 friendship bands at ₹40 each. What is its revenue (in ₹)?
35. 35.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
36. 36.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
37. 37.A small business sells 22 glasses of chai at ₹5 each. What is its revenue (in ₹)?
38. 38.A small business sells 54 cupcakes at ₹25 each. What is its revenue (in ₹)?
39. 39.A small business selling cups of lemonade had a revenue of ₹1150 and a profit of ₹220. What were its costs (in ₹)?
40. 40.A small business sells 39 cupcakes at ₹20 each. What is its revenue (in ₹)?

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