Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 696 · 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) owned by shareholders (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
2. 2.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
3. 3.True or false: “owner owes the debts” is true of a company. (a) True (b) False
4. 4.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
5. 5.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) owner owes the debts (d) simplest to start
7. 7.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
8. 8.A small business sells 28 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
10. 10.A small business sells 39 glasses of chai at ₹15 each. What is its revenue (in ₹)?
11. 11.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
13. 13.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
14. 14.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
15. 15.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
16. 16.A small business sells 44 friendship bands at ₹40 each. Its costs are ₹130. What is its profit (in ₹)?
17. 17.A small business selling cups of lemonade had a revenue of ₹2040 and a profit of ₹380. What were its costs (in ₹)?
18. 18.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
19. 19.A small business selling cupcakes had a revenue of ₹1720 and a profit of ₹30. What were its costs (in ₹)?
20. 20.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
21. 21.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
22. 22.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
23. 23.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
24. 24.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
25. 25.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
26. 26.A small business sells 50 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
27. 27.A small business selling handmade cards had a revenue of ₹760 and a profit of ₹550. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
29. 29.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 28 glasses of chai at ₹30 each. Its costs are ₹570. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
33. 33.A small business sells 22 fruit cups at ₹45 each. What is its revenue (in ₹)?
34. 34.A small business sells 37 cups of lemonade at ₹15 each. Its costs are ₹270. What is its profit (in ₹)?
35. 35.A small business selling handmade cards had a revenue of ₹300 and a profit of ₹20. What were its costs (in ₹)?
36. 36.True or false: “one owner runs it” is true of a company. (a) False (b) True
37. 37.True or false: “owned by shareholders” is true of a company. (a) False (b) True
38. 38.True or false: “run by directors” is true of a company. (a) True (b) False
39. 39.A small business sells 21 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
40. 40.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price

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