Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 643 · 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 company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) owner owes the debts
2. 2.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
3. 3.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
4. 4.🎂 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
5. 5.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
7. 7.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner owes the debts (d) one owner runs it
8. 8.A small business sells 56 handmade cards at ₹45 each. What is its revenue (in ₹)?
9. 9.A small business sells 15 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
10. 10.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
12. 12.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
15. 15.A small business sells 16 friendship bands at ₹25 each. What is its revenue (in ₹)?
16. 16.A small business sells 35 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
19. 19.True or false: “a separate legal body” is true of a company. (a) False (b) True
20. 20.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
21. 21.True or false: “one owner runs it” is true of a company. (a) True (b) False
22. 22.A small business selling paper bookmarks had a revenue of ₹300 and a profit of ₹260. What were its costs (in ₹)?
23. 23.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
24. 24.A small business selling bags of popcorn had a revenue of ₹560 and a profit of ₹140. What were its costs (in ₹)?
25. 25.A small business sells 26 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
26. 26.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 49 clay diyas at ₹15 each. Its costs are ₹320. What is its profit (in ₹)?
28. 28.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owned by shareholders
29. 29.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) a separate legal body
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
31. 31.📜 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
32. 32.A small business sells 23 clay diyas at ₹45 each. What is its revenue (in ₹)?
33. 33.A small business sells 25 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
34. 34.A small business sells 35 glasses of chai at ₹15 each. What is its revenue (in ₹)?
35. 35.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
36. 36.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
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) owned by shareholders
38. 38.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
39. 39.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) owners’ risk is limited (d) run by directors
40. 40.📊 Revenue or profit: money in before costs? (a) revenue (b) profit

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