Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 517 · 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: owner keeps all profit? (a) a sole trader (b) a company
2. 2.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) one owner runs it (d) a separate legal body
3. 3.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
4. 4.A small business sells 57 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
6. 6.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) run by directors (d) owner keeps all profit
7. 7.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
8. 8.A small business sells 28 glasses of chai at ₹40 each. What is its revenue (in ₹)?
9. 9.A small business selling handmade cards had a revenue of ₹340 and a profit of ₹290. What were its costs (in ₹)?
10. 10.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
11. 11.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
13. 13.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts
14. 14.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
15. 15.A small business sells 16 friendship bands at ₹10 each. What is its revenue (in ₹)?
16. 16.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
18. 18.A small business sells 33 glasses of chai at ₹35 each. Its costs are ₹30. What is its profit (in ₹)?
19. 19.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
20. 20.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
21. 21.A small business sells 31 potted plants at ₹15 each. Its costs are ₹400. What is its profit (in ₹)?
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
23. 23.A small business sells 50 cupcakes at ₹45 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
26. 26.A small business selling potted plants had a revenue of ₹1400 and a profit of ₹1320. What were its costs (in ₹)?
27. 27.True or false: “simplest to start” is true of a company. (a) False (b) True
28. 28.A small business sells 21 glasses of chai at ₹20 each. What is its revenue (in ₹)?
29. 29.True or false: “owned by shareholders” is true of a company. (a) True (b) False
30. 30.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
31. 31.A small business sells 22 jute bags at ₹30 each. What is its revenue (in ₹)?
32. 32.A small business selling handmade cards had a revenue of ₹315 and a profit of ₹305. What were its costs (in ₹)?
33. 33.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
34. 34.A small business sells 21 clay diyas at ₹5 each. What is its revenue (in ₹)?
35. 35.A small business selling bags of popcorn had a revenue of ₹1440 and a profit of ₹650. What were its costs (in ₹)?
36. 36.A small business sells 57 handmade cards at ₹35 each. What is its revenue (in ₹)?
37. 37.True or false: “run by directors” is true of a company. (a) False (b) True
38. 38.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
39. 39.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
40. 40.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company

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