Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 654 · 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 sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner owes the debts
2. 2.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
3. 3.A small business selling handmade cards had a revenue of ₹1320 and a profit of ₹1010. What were its costs (in ₹)?
4. 4.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
7. 7.A small business sells 14 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
8. 8.📜 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
9. 9.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
10. 10.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
11. 11.A small business selling fruit cups had a revenue of ₹750 and a profit of ₹290. What were its costs (in ₹)?
12. 12.A small business sells 26 paper bookmarks at ₹35 each. Its costs are ₹130. What is its profit (in ₹)?
13. 13.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owned by shareholders (d) owner owes the debts
14. 14.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) one owner runs it (d) simplest to start
15. 15.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
16. 16.True or false: “one owner runs it” is true of a company. (a) False (b) True
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
18. 18.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
19. 19.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
20. 20.A small business sells 23 potted plants at ₹40 each. What is its revenue (in ₹)?
21. 21.A small business sells 25 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
23. 23.True or false: “owner owes the debts” is true of a company. (a) True (b) False
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.A small business sells 47 clay diyas at ₹10 each. Its costs are ₹270. What is its profit (in ₹)?
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
27. 27.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
29. 29.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
30. 30.A small business sells 22 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business sells 59 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
33. 33.A small business sells 43 glasses of chai at ₹25 each. What is its revenue (in ₹)?
34. 34.A small business selling fruit cups had a revenue of ₹160 and a profit of ₹40. What were its costs (in ₹)?
35. 35.A small business selling cups of lemonade had a revenue of ₹220 and a profit of ₹120. What were its costs (in ₹)?
36. 36.A small business selling handmade cards had a revenue of ₹1120 and a profit of ₹1020. What were its costs (in ₹)?
37. 37.A small business selling fruit cups had a revenue of ₹220 and a profit of ₹170. What were its costs (in ₹)?
38. 38.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 12 glasses of chai at ₹30 each. What is its revenue (in ₹)?

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