Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 722 · 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: “simplest to start” is true of a company. (a) False (b) True
2. 2.A small business sells 59 cupcakes at ₹10 each. What is its revenue (in ₹)?
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) run by directors
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) run by directors
7. 7.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owners’ risk is limited (d) simplest to start
8. 8.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
9. 9.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
10. 10.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
11. 11.A small business selling friendship bands had a revenue of ₹1075 and a profit of ₹755. What were its costs (in ₹)?
12. 12.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
13. 13.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.A small business sells 15 cups of lemonade at ₹35 each. Its costs are ₹80. What is its profit (in ₹)?
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
19. 19.True or false: “a separate legal body” is true of a company. (a) True (b) False
20. 20.True or false: “owner owes the debts” is true of a company. (a) True (b) False
21. 21.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
22. 22.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
23. 23.True or false: “one owner runs it” is true of a company. (a) True (b) False
24. 24.A small business sells 20 potted plants at ₹35 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
26. 26.True or false: “run by directors” is true of a company. (a) True (b) False
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
28. 28.A small business selling jute bags had a revenue of ₹1785 and a profit of ₹675. What were its costs (in ₹)?
29. 29.A small business sells 28 jute bags at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) one owner runs it
31. 31.A small business sells 59 fruit cups at ₹5 each. Its costs are ₹170. What is its profit (in ₹)?
32. 32.True or false: “owned by shareholders” is true of a company. (a) False (b) True
33. 33.A small business sells 30 glasses of chai at ₹50 each. Its costs are ₹440. What is its profit (in ₹)?
34. 34.A small business selling clay diyas had a revenue of ₹1275 and a profit of ₹615. What were its costs (in ₹)?
35. 35.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
36. 36.A small business sells 38 clay diyas at ₹25 each. What is its revenue (in ₹)?
37. 37.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
38. 38.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
39. 39.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts
40. 40.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) owned by shareholders

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