Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 690 · 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.True or false: “a separate legal body” is true of a company. (a) False (b) True
3. 3.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
4. 4.A small business sells 50 paper bookmarks at ₹25 each. Its costs are ₹730. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
7. 7.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
10. 10.True or false: “simplest to start” is true of a company. (a) True (b) False
11. 11.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
12. 12.A small business selling cups of lemonade had a revenue of ₹680 and a profit of ₹490. What were its costs (in ₹)?
13. 13.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
14. 14.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
15. 15.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
16. 16.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
17. 17.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
18. 18.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner keeps all profit
19. 19.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
20. 20.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
21. 21.A small business sells 59 friendship bands at ₹5 each. Its costs are ₹270. What is its profit (in ₹)?
22. 22.A small business selling painted pebbles had a revenue of ₹720 and a profit of ₹140. What were its costs (in ₹)?
23. 23.A small business sells 39 jute bags at ₹50 each. Its costs are ₹1380. What is its profit (in ₹)?
24. 24.A small business selling painted pebbles had a revenue of ₹145 and a profit of ₹25. What were its costs (in ₹)?
25. 25.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
26. 26.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
27. 27.A small business sells 21 handmade cards at ₹25 each. What is its revenue (in ₹)?
28. 28.🎂 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
29. 29.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner owes the debts (d) run by directors
32. 32.A small business sells 23 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
33. 33.A small business selling paper bookmarks had a revenue of ₹650 and a profit of ₹610. What were its costs (in ₹)?
34. 34.A small business selling glasses of chai had a revenue of ₹570 and a profit of ₹200. What were its costs (in ₹)?
35. 35.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
36. 36.A small business sells 55 bags of popcorn at ₹45 each. Its costs are ₹800. What is its profit (in ₹)?
37. 37.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
38. 38.A small business sells 53 jute bags at ₹45 each. Its costs are ₹1500. What is its profit (in ₹)?
39. 39.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
40. 40.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts

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