Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 525 · 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.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
2. 2.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner keeps all profit
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
6. 6.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
7. 7.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
8. 8.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
9. 9.True or false: “run by directors” is true of a company. (a) True (b) False
10. 10.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
11. 11.A small business sells 37 painted pebbles at ₹20 each. What is its revenue (in ₹)?
12. 12.A small business sells 43 painted pebbles at ₹45 each. Its costs are ₹1500. What is its profit (in ₹)?
13. 13.A small business sells 10 clay diyas at ₹20 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
15. 15.A small business sells 13 cupcakes at ₹45 each. What is its revenue (in ₹)?
16. 16.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
17. 17.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 45 glasses of chai at ₹50 each. What is its revenue (in ₹)?
19. 19.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
20. 20.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
21. 21.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
22. 22.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) simplest to start
23. 23.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
24. 24.A small business sells 28 potted plants at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
25. 25.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
26. 26.A small business sells 10 fruit cups at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
28. 28.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
29. 29.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
30. 30.A small business selling jute bags had a revenue of ₹250 and a profit of ₹40. What were its costs (in ₹)?
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) run by directors
32. 32.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
33. 33.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
34. 34.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
35. 35.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
36. 36.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
37. 37.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
38. 38.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
39. 39.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader

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