Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 518 · 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 owes the debts? (a) a company (b) a sole trader
2. 2.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
3. 3.A small business selling cupcakes had a revenue of ₹220 and a profit of ₹30. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
5. 5.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
7. 7.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
8. 8.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
9. 9.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) simplest to start
10. 10.A small business selling cupcakes had a revenue of ₹660 and a profit of ₹290. What were its costs (in ₹)?
11. 11.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
12. 12.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
13. 13.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
14. 14.True or false: “one owner runs it” is true of a company. (a) False (b) True
15. 15.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
16. 16.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
17. 17.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
18. 18.A small business sells 41 cupcakes at ₹20 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) one owner runs it
20. 20.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
21. 21.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) owner owes the debts
22. 22.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
23. 23.A small business sells 30 painted pebbles at ₹5 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) simplest to start
25. 25.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
26. 26.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) simplest to start
27. 27.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
28. 28.True or false: “owned by shareholders” is true of a company. (a) True (b) False
29. 29.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
30. 30.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
31. 31.A small business sells 14 cupcakes at ₹35 each. What is its revenue (in ₹)?
32. 32.True or false: “run by directors” is true of a sole trader. (a) False (b) True
33. 33.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
34. 34.A small business selling glasses of chai had a revenue of ₹2340 and a profit of ₹980. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
36. 36.True or false: “simplest to start” is true of a company. (a) True (b) False
37. 37.A small business sells 48 glasses of chai at ₹15 each. Its costs are ₹280. What is its profit (in ₹)?
38. 38.A small business sells 14 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
39. 39.A small business selling cupcakes had a revenue of ₹600 and a profit of ₹560. What were its costs (in ₹)?
40. 40.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) run by directors (d) owners’ risk is limited

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