Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 653 · 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.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
2. 2.A small business sells 27 fruit cups at ₹40 each. What is its revenue (in ₹)?
3. 3.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
4. 4.True or false: “a separate legal body” is true of a company. (a) False (b) True
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
7. 7.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
8. 8.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
9. 9.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
10. 10.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.A small business sells 13 glasses of chai at ₹10 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
15. 15.A small business selling fruit cups had a revenue of ₹450 and a profit of ₹200. What were its costs (in ₹)?
16. 16.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
17. 17.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
18. 18.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
19. 19.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
20. 20.A small business sells 42 cupcakes at ₹50 each. Its costs are ₹350. What is its profit (in ₹)?
21. 21.A small business selling bags of popcorn had a revenue of ₹190 and a profit of ₹180. What were its costs (in ₹)?
22. 22.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) run by directors
23. 23.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
24. 24.A small business sells 52 friendship bands at ₹25 each. What is its revenue (in ₹)?
25. 25.A small business sells 15 painted pebbles at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
26. 26.A small business sells 49 fruit cups at ₹45 each. Its costs are ₹1340. What is its profit (in ₹)?
27. 27.A small business sells 32 jute bags at ₹15 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner owes the debts
29. 29.A small business selling cups of lemonade had a revenue of ₹540 and a profit of ₹20. What were its costs (in ₹)?
30. 30.True or false: “run by directors” is true of a company. (a) False (b) True
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
32. 32.True or false: “owned by shareholders” is true of a company. (a) False (b) True
33. 33.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) one owner runs it
34. 34.A small business sells 10 potted plants at ₹30 each. What is its revenue (in ₹)?
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
36. 36.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
37. 37.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
38. 38.True or false: “simplest to start” is true of a company. (a) True (b) False
39. 39.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
40. 40.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) one owner runs it

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