Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 715 · 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.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
2. 2.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
3. 3.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
4. 4.A small business selling fruit cups had a revenue of ₹275 and a profit of ₹255. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
6. 6.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
7. 7.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
8. 8.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
9. 9.True or false: “run by directors” is true of a company. (a) True (b) False
10. 10.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
12. 12.A small business selling handmade cards had a revenue of ₹1740 and a profit of ₹20. What were its costs (in ₹)?
13. 13.True or false: “owned by shareholders” is true of a company. (a) True (b) False
14. 14.A small business sells 45 potted plants at ₹5 each. What is its revenue (in ₹)?
15. 15.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
16. 16.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
17. 17.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
18. 18.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) simplest to start
19. 19.A small business sells 54 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
20. 20.A small business sells 41 friendship bands at ₹15 each. Its costs are ₹80. What is its profit (in ₹)?
21. 21.True or false: “owner owes the debts” is true of a company. (a) False (b) True
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
23. 23.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) simplest to start (d) one owner runs it
25. 25.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
26. 26.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
27. 27.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
28. 28.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) run by directors
29. 29.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
30. 30.True or false: “one owner runs it” is true of a company. (a) False (b) True
31. 31.A small business sells 19 cupcakes at ₹45 each. Its costs are ₹600. What is its profit (in ₹)?
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
33. 33.A small business sells 36 fruit cups at ₹45 each. What is its revenue (in ₹)?
34. 34.A small business sells 39 handmade cards at ₹45 each. What is its revenue (in ₹)?
35. 35.A small business sells 38 cupcakes at ₹15 each. Its costs are ₹540. What is its profit (in ₹)?
36. 36.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
37. 37.A small business selling glasses of chai had a revenue of ₹760 and a profit of ₹150. What were its costs (in ₹)?
38. 38.A small business sells 45 bags of popcorn at ₹40 each. Its costs are ₹1630. What is its profit (in ₹)?
39. 39.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) a separate legal body
40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False

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