Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 642 · 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.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
3. 3.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.True or false: “owned by shareholders” is true of a company. (a) True (b) False
6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
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) run by directors (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
9. 9.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
10. 10.A small business sells 46 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
12. 12.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
15. 15.A small business sells 10 potted plants at ₹40 each. Its costs are ₹370. What is its profit (in ₹)?
16. 16.True or false: “one owner runs it” is true of a company. (a) False (b) True
17. 17.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
18. 18.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) a separate legal body (d) one owner runs it
19. 19.True or false: “a separate legal body” is true of a company. (a) True (b) False
20. 20.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
21. 21.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
22. 22.A small business selling potted plants had a revenue of ₹300 and a profit of ₹260. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner keeps all profit
25. 25.True or false: “owner owes the debts” is true of a company. (a) True (b) False
26. 26.A small business sells 35 handmade cards at ₹35 each. What is its revenue (in ₹)?
27. 27.A small business sells 12 paper bookmarks at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
29. 29.A small business sells 19 painted pebbles at ₹5 each. What is its revenue (in ₹)?
30. 30.A small business sells 41 cupcakes at ₹5 each. What is its revenue (in ₹)?
31. 31.A small business selling clay diyas had a revenue of ₹1800 and a profit of ₹1410. What were its costs (in ₹)?
32. 32.A small business sells 59 painted pebbles at ₹5 each. What is its revenue (in ₹)?
33. 33.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 23 painted pebbles at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
35. 35.A small business sells 23 bags of popcorn at ₹40 each. Its costs are ₹250. What is its profit (in ₹)?
36. 36.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
37. 37.True or false: “run by directors” is true of a sole trader. (a) True (b) False
38. 38.A small business sells 48 paper bookmarks at ₹15 each. Its costs are ₹390. What is its profit (in ₹)?
39. 39.True or false: “run by directors” is true of a company. (a) True (b) False
40. 40.A small business sells 17 fruit cups at ₹40 each. What is its revenue (in ₹)?

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