Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 706 · 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: owned by shareholders? (a) a company (b) a sole trader
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) run by directors
3. 3.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
4. 4.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
5. 5.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
6. 6.A small business sells 53 handmade cards at ₹50 each. What is its revenue (in ₹)?
7. 7.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
8. 8.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
9. 9.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
11. 11.A small business sells 19 handmade cards at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
13. 13.A small business sells 16 glasses of chai at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
16. 16.A small business sells 57 jute bags at ₹10 each. What is its revenue (in ₹)?
17. 17.True or false: “a separate legal body” is true of a company. (a) False (b) True
18. 18.A small business sells 45 fruit cups at ₹15 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
20. 20.A small business selling clay diyas had a revenue of ₹270 and a profit of ₹30. What were its costs (in ₹)?
21. 21.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
22. 22.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
23. 23.A small business sells 18 glasses of chai at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
24. 24.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
25. 25.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
26. 26.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
27. 27.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
28. 28.A small business selling glasses of chai had a revenue of ₹210 and a profit of ₹80. What were its costs (in ₹)?
29. 29.A small business sells 24 friendship bands at ₹10 each. What is its revenue (in ₹)?
30. 30.A small business sells 47 fruit cups at ₹40 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
32. 32.A small business sells 45 painted pebbles at ₹25 each. What is its revenue (in ₹)?
33. 33.A small business sells 54 fruit cups at ₹5 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
35. 35.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
36. 36.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
37. 37.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner owes the debts (d) one owner runs it
38. 38.A small business selling painted pebbles had a revenue of ₹2650 and a profit of ₹1900. What were its costs (in ₹)?
39. 39.A small business sells 59 friendship bands at ₹15 each. What is its revenue (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True

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