Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 607 · 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: “owner owes the debts” is true of a company. (a) False (b) True
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
3. 3.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owned by shareholders (d) a separate legal body
4. 4.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
5. 5.A small business sells 29 fruit cups at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
6. 6.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
7. 7.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
9. 9.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
10. 10.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) run by directors (d) owned by shareholders
11. 11.A small business sells 44 clay diyas at ₹25 each. Its costs are ₹960. What is its profit (in ₹)?
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
13. 13.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
14. 14.A small business sells 35 friendship bands at ₹35 each. Its costs are ₹170. What is its profit (in ₹)?
15. 15.True or false: “a separate legal body” is true of a company. (a) True (b) False
16. 16.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
17. 17.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owners’ risk is limited (d) a separate legal body
18. 18.📜 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
19. 19.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) run by directors (d) one owner runs it
20. 20.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) one owner runs it (d) simplest to start
21. 21.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
22. 22.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
23. 23.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
24. 24.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
25. 25.A small business sells 56 potted plants at ₹30 each. Its costs are ₹1600. What is its profit (in ₹)?
26. 26.A small business sells 55 cups of lemonade at ₹35 each. Its costs are ₹570. What is its profit (in ₹)?
27. 27.A small business sells 26 friendship bands at ₹50 each. Its costs are ₹840. What is its profit (in ₹)?
28. 28.A small business selling friendship bands had a revenue of ₹510 and a profit of ₹450. What were its costs (in ₹)?
29. 29.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
30. 30.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
31. 31.A small business sells 36 handmade cards at ₹35 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
33. 33.A small business sells 49 friendship bands at ₹25 each. Its costs are ₹510. What is its profit (in ₹)?
34. 34.A small business sells 28 friendship bands at ₹20 each. Its costs are ₹400. What is its profit (in ₹)?
35. 35.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
36. 36.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
38. 38.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
39. 39.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
40. 40.A small business sells 18 potted plants at ₹30 each. What is its revenue (in ₹)?

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