Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 716 · 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) run by directors (c) owners’ risk is limited (d) owner keeps all profit
2. 2.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
3. 3.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
4. 4.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
5. 5.A small business sells 16 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
6. 6.A small business selling clay diyas had a revenue of ₹520 and a profit of ₹40. What were its costs (in ₹)?
7. 7.A small business sells 11 friendship bands at ₹15 each. What is its revenue (in ₹)?
8. 8.True or false: “simplest to start” is true of a company. (a) True (b) False
9. 9.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
10. 10.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
13. 13.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
14. 14.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) simplest to start (d) owner owes the debts
15. 15.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
16. 16.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
17. 17.A small business sells 40 bags of popcorn at ₹25 each. Its costs are ₹970. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
19. 19.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) run by directors (d) a separate legal body
21. 21.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
22. 22.A small business sells 16 painted pebbles at ₹15 each. What is its revenue (in ₹)?
23. 23.A small business sells 34 cups of lemonade at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) owner owes the debts
25. 25.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
26. 26.A small business selling painted pebbles had a revenue of ₹825 and a profit of ₹175. What were its costs (in ₹)?
27. 27.A small business sells 10 jute bags at ₹20 each. What is its revenue (in ₹)?
28. 28.A small business sells 57 potted plants at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
31. 31.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
32. 32.A small business sells 50 clay diyas at ₹35 each. What is its revenue (in ₹)?
33. 33.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 32 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
35. 35.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
36. 36.A small business sells 52 glasses of chai at ₹10 each. What is its revenue (in ₹)?
37. 37.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
38. 38.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
39. 39.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) simplest to start (d) owner owes the debts
40. 40.True or false: “one owner runs it” is true of a company. (a) False (b) True

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