Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 519 · 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.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.True or false: “owner owes the debts” is true of a company. (a) False (b) True
4. 4.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) run by directors (d) owners’ risk is limited
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
13. 13.A small business sells 12 handmade cards at ₹20 each. Its costs are ₹30. What is its profit (in ₹)?
14. 14.True or false: “one owner runs it” is true of a company. (a) False (b) True
15. 15.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
16. 16.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
17. 17.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
18. 18.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
20. 20.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
21. 21.A small business sells 18 glasses of chai at ₹5 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
23. 23.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
25. 25.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
26. 26.A small business sells 11 handmade cards at ₹25 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
28. 28.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
29. 29.True or false: “simplest to start” is true of a company. (a) True (b) False
30. 30.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) run by directors
31. 31.A small business sells 14 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
32. 32.A small business sells 45 fruit cups at ₹20 each. Its costs are ₹220. What is its profit (in ₹)?
33. 33.A small business sells 20 cups of lemonade at ₹50 each. Its costs are ₹810. What is its profit (in ₹)?
34. 34.A small business sells 51 handmade cards at ₹25 each. What is its revenue (in ₹)?
35. 35.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) simplest to start (d) one owner runs it
36. 36.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
37. 37.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owners’ risk is limited (d) a separate legal body
38. 38.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
39. 39.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
40. 40.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue

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