Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 668 · 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 company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
2. 2.True or false: “a separate legal body” is true of a company. (a) True (b) False
3. 3.A small business sells 28 cups of lemonade at ₹25 each. Its costs are ₹610. What is its profit (in ₹)?
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
5. 5.True or false: “run by directors” is true of a company. (a) False (b) True
6. 6.A small business sells 28 jute bags at ₹15 each. What is its revenue (in ₹)?
7. 7.A small business selling bags of popcorn had a revenue of ₹660 and a profit of ₹470. What were its costs (in ₹)?
8. 8.A small business sells 34 potted plants at ₹15 each. What is its revenue (in ₹)?
9. 9.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) a separate legal body
11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
12. 12.A small business selling handmade cards had a revenue of ₹400 and a profit of ₹340. What were its costs (in ₹)?
13. 13.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
15. 15.A small business selling fruit cups had a revenue of ₹2100 and a profit of ₹1890. What were its costs (in ₹)?
16. 16.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
17. 17.🏢 Sole trader or company: one owner runs it? (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: price × number sold? (a) profit (b) revenue
20. 20.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
26. 26.A small business selling paper bookmarks had a revenue of ₹260 and a profit of ₹20. What were its costs (in ₹)?
27. 27.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
28. 28.A small business sells 47 painted pebbles at ₹35 each. Its costs are ₹100. What is its profit (in ₹)?
29. 29.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
31. 31.True or false: “run by directors” is true of a sole trader. (a) False (b) True
32. 32.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
33. 33.A small business sells 47 fruit cups at ₹10 each. What is its revenue (in ₹)?
34. 34.A small business selling friendship bands had a revenue of ₹380 and a profit of ₹120. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
36. 36.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
38. 38.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
39. 39.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
40. 40.A small business selling handmade cards had a revenue of ₹640 and a profit of ₹520. What were its costs (in ₹)?

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