Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 645 · 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) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
3. 3.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
4. 4.A small business sells 44 potted plants at ₹10 each. Its costs are ₹170. What is its profit (in ₹)?
5. 5.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
6. 6.A small business sells 22 potted plants at ₹35 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
8. 8.A small business sells 31 painted pebbles at ₹20 each. Its costs are ₹290. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
10. 10.A small business selling bags of popcorn had a revenue of ₹1025 and a profit of ₹875. What were its costs (in ₹)?
11. 11.A small business sells 11 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
13. 13.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
14. 14.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) run by directors (d) owned by shareholders
16. 16.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner owes the debts
17. 17.True or false: “owner owes the debts” is true of a company. (a) False (b) True
18. 18.A small business sells 28 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
19. 19.True or false: “a separate legal body” is true of a company. (a) False (b) True
20. 20.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
21. 21.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
24. 24.A small business selling fruit cups had a revenue of ₹840 and a profit of ₹540. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
26. 26.A small business selling cups of lemonade had a revenue of ₹165 and a profit of ₹45. What were its costs (in ₹)?
27. 27.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
28. 28.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
29. 29.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) a separate legal body
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
31. 31.A small business sells 60 fruit cups at ₹10 each. What is its revenue (in ₹)?
32. 32.A small business sells 52 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
33. 33.A small business sells 29 jute bags at ₹30 each. Its costs are ₹510. What is its profit (in ₹)?
34. 34.True or false: “run by directors” is true of a sole trader. (a) True (b) False
35. 35.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
36. 36.A small business sells 46 glasses of chai at ₹5 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
38. 38.True or false: “owned by shareholders” is true of a company. (a) False (b) True
39. 39.True or false: “run by directors” is true of a company. (a) True (b) False
40. 40.A small business sells 10 painted pebbles at ₹30 each. What is its revenue (in ₹)?

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