Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 689 · 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: a separate legal body? (a) a sole trader (b) a company
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
4. 4.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owned by shareholders (d) owner keeps all profit
7. 7.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) run by directors
9. 9.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
10. 10.A small business sells 42 cupcakes at ₹20 each. What is its revenue (in ₹)?
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
14. 14.A small business sells 14 clay diyas at ₹15 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
16. 16.A small business sells 44 cupcakes at ₹5 each. Its costs are ₹210. What is its profit (in ₹)?
17. 17.A small business sells 12 cupcakes at ₹15 each. What is its revenue (in ₹)?
18. 18.A small business selling glasses of chai had a revenue of ₹400 and a profit of ₹300. What were its costs (in ₹)?
19. 19.A small business sells 38 potted plants at ₹45 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) a separate legal body
21. 21.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
22. 22.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
23. 23.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner keeps all profit
24. 24.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
25. 25.A small business sells 17 fruit cups at ₹45 each. Its costs are ₹750. What is its profit (in ₹)?
26. 26.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
27. 27.A small business sells 21 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
28. 28.True or false: “a separate legal body” is true of a company. (a) False (b) True
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
30. 30.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
31. 31.A small business sells 41 glasses of chai at ₹40 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
33. 33.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
34. 34.A small business sells 34 handmade cards at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) simplest to start (d) one owner runs it
37. 37.A small business sells 59 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
38. 38.A small business sells 30 potted plants at ₹45 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) simplest to start
40. 40.True or false: “one owner runs it” is true of a company. (a) True (b) False

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