Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 636 · 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: “a separate legal body” is true of a sole trader. (a) True (b) False
2. 2.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
4. 4.A small business selling glasses of chai had a revenue of ₹75 and a profit of ₹25. What were its costs (in ₹)?
5. 5.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
8. 8.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
9. 9.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) simplest to start
10. 10.A small business sells 34 fruit cups at ₹35 each. What is its revenue (in ₹)?
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.True or false: “a separate legal body” is true of a company. (a) False (b) True
13. 13.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
14. 14.A small business sells 31 glasses of chai at ₹45 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner keeps all profit (d) run by directors
16. 16.A small business sells 10 clay diyas at ₹10 each. What is its revenue (in ₹)?
17. 17.A small business sells 34 friendship bands at ₹30 each. Its costs are ₹170. What is its profit (in ₹)?
18. 18.A small business selling glasses of chai had a revenue of ₹320 and a profit of ₹140. What were its costs (in ₹)?
19. 19.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
20. 20.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
21. 21.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
22. 22.A small business sells 53 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner keeps all profit (d) owner owes the debts
24. 24.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
25. 25.A small business sells 57 painted pebbles at ₹50 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
27. 27.A small business sells 50 friendship bands at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
28. 28.A small business selling jute bags had a revenue of ₹1410 and a profit of ₹820. What were its costs (in ₹)?
29. 29.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
30. 30.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) a separate legal body (d) run by directors
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
32. 32.A small business sells 35 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
33. 33.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
34. 34.A small business selling bags of popcorn had a revenue of ₹200 and a profit of ₹10. What were its costs (in ₹)?
35. 35.A small business sells 19 fruit cups at ₹5 each. What is its revenue (in ₹)?
36. 36.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
37. 37.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) a separate legal body (d) run by directors
38. 38.A small business sells 43 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
40. 40.True or false: “run by directors” is true of a company. (a) True (b) False

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