Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 548 · 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: run by directors? (a) a company (b) a sole trader
2. 2.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) simplest to start
4. 4.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) owned by shareholders
5. 5.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
6. 6.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner owes the debts (d) owners’ risk is limited
8. 8.True or false: “simplest to start” is true of a company. (a) True (b) False
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) simplest to start
10. 10.A small business sells 53 cups of lemonade at ₹40 each. Its costs are ₹1080. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
12. 12.A small business sells 19 jute bags at ₹5 each. What is its revenue (in ₹)?
13. 13.A small business sells 55 paper bookmarks at ₹40 each. Its costs are ₹2160. What is its profit (in ₹)?
14. 14.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) owner keeps all profit (d) one owner runs it
15. 15.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
16. 16.A small business sells 18 painted pebbles at ₹40 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) simplest to start
19. 19.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
21. 21.A small business sells 24 fruit cups at ₹30 each. Its costs are ₹590. What is its profit (in ₹)?
22. 22.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
23. 23.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
24. 24.True or false: “one owner runs it” is true of a company. (a) True (b) False
25. 25.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
26. 26.A small business sells 28 potted plants at ₹50 each. Its costs are ₹970. What is its profit (in ₹)?
27. 27.A small business selling glasses of chai had a revenue of ₹690 and a profit of ₹230. What were its costs (in ₹)?
28. 28.A small business selling paper bookmarks had a revenue of ₹90 and a profit of ₹10. What were its costs (in ₹)?
29. 29.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
31. 31.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
33. 33.🎂 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
34. 34.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
35. 35.A small business sells 38 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
37. 37.A small business selling fruit cups had a revenue of ₹900 and a profit of ₹690. What were its costs (in ₹)?
38. 38.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
39. 39.A small business sells 57 potted plants at ₹10 each. What is its revenue (in ₹)?
40. 40.A small business sells 35 fruit cups at ₹45 each. Its costs are ₹390. What is its profit (in ₹)?

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