Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 673 · 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: owner owes the debts? (a) a company (b) a sole trader
2. 2.A small business sells 20 handmade cards at ₹25 each. What is its revenue (in ₹)?
3. 3.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
4. 4.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
5. 5.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) simplest to start
6. 6.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
7. 7.🎂 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
8. 8.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
9. 9.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
10. 10.A small business sells 36 friendship bands at ₹30 each. Its costs are ₹910. What is its profit (in ₹)?
11. 11.A small business sells 19 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
13. 13.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) one owner runs it
14. 14.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
15. 15.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) simplest to start (d) one owner runs it
16. 16.A small business sells 26 fruit cups at ₹50 each. What is its revenue (in ₹)?
17. 17.A small business sells 55 fruit cups at ₹40 each. Its costs are ₹630. What is its profit (in ₹)?
18. 18.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
19. 19.True or false: “one owner runs it” is true of a company. (a) False (b) True
20. 20.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
22. 22.A small business sells 26 jute bags at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) run by directors
24. 24.True or false: “simplest to start” is true of a company. (a) True (b) False
25. 25.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
26. 26.True or false: “run by directors” is true of a sole trader. (a) False (b) True
27. 27.A small business sells 24 jute bags at ₹35 each. Its costs are ₹690. What is its profit (in ₹)?
28. 28.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) simplest to start
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
31. 31.A small business sells 37 friendship bands at ₹35 each. What is its revenue (in ₹)?
32. 32.True or false: “owner owes the debts” is true of a company. (a) True (b) False
33. 33.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) owners’ risk is limited
34. 34.A small business selling jute bags had a revenue of ₹1935 and a profit of ₹255. What were its costs (in ₹)?
35. 35.A small business sells 11 cupcakes at ₹30 each. Its costs are ₹300. What is its profit (in ₹)?
36. 36.A small business selling handmade cards had a revenue of ₹1575 and a profit of ₹1545. What were its costs (in ₹)?
37. 37.A small business selling paper bookmarks had a revenue of ₹490 and a profit of ₹140. What were its costs (in ₹)?
38. 38.A small business sells 30 bags of popcorn at ₹50 each. Its costs are ₹1270. What is its profit (in ₹)?
39. 39.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
40. 40.True or false: “a separate legal body” is true of a company. (a) False (b) True

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