Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 528 · 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 sole trader? (a) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) owned by shareholders
2. 2.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
3. 3.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
4. 4.True or false: “owner owes the debts” is true of a company. (a) False (b) True
5. 5.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
6. 6.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
9. 9.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
12. 12.A small business selling jute bags had a revenue of ₹75 and a profit of ₹45. What were its costs (in ₹)?
13. 13.A small business selling cups of lemonade had a revenue of ₹690 and a profit of ₹420. What were its costs (in ₹)?
14. 14.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
15. 15.A small business sells 13 cupcakes at ₹20 each. Its costs are ₹80. What is its profit (in ₹)?
16. 16.A small business sells 24 potted plants at ₹5 each. What is its revenue (in ₹)?
17. 17.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
18. 18.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) a separate legal body
19. 19.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
20. 20.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) owned by shareholders
21. 21.True or false: “simplest to start” is true of a company. (a) True (b) False
22. 22.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
23. 23.A small business selling jute bags had a revenue of ₹735 and a profit of ₹75. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
26. 26.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
27. 27.A small business sells 34 glasses of chai at ₹40 each. What is its revenue (in ₹)?
28. 28.A small business sells 39 potted plants at ₹5 each. What is its revenue (in ₹)?
29. 29.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
30. 30.A small business sells 29 handmade cards at ₹10 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
32. 32.A small business sells 31 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
33. 33.A small business sells 10 clay diyas at ₹40 each. What is its revenue (in ₹)?
34. 34.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) owners’ risk is limited
36. 36.A small business selling potted plants had a revenue of ₹1150 and a profit of ₹470. What were its costs (in ₹)?
37. 37.A small business sells 56 paper bookmarks at ₹40 each. Its costs are ₹1290. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
39. 39.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
40. 40.True or false: “run by directors” is true of a sole trader. (a) True (b) False

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