Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 770 · 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 company? (a) owned by shareholders (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
2. 2.🎂 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
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.A small business sells 41 clay diyas at ₹5 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.A small business selling paper bookmarks had a revenue of ₹1750 and a profit of ₹1280. What were its costs (in ₹)?
7. 7.True or false: “run by directors” is true of a company. (a) True (b) False
8. 8.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
9. 9.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
10. 10.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
11. 11.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
13. 13.True or false: “simplest to start” is true of a company. (a) False (b) True
14. 14.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner keeps all profit (d) simplest to start
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
16. 16.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
17. 17.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
18. 18.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) run by directors
19. 19.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
21. 21.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
22. 22.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
23. 23.A small business selling painted pebbles had a revenue of ₹1035 and a profit of ₹745. What were its costs (in ₹)?
24. 24.A small business sells 55 friendship bands at ₹15 each. Its costs are ₹10. What is its profit (in ₹)?
25. 25.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
26. 26.A small business sells 30 clay diyas at ₹10 each. What is its revenue (in ₹)?
27. 27.A small business sells 21 friendship bands at ₹35 each. Its costs are ₹450. What is its profit (in ₹)?
28. 28.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
30. 30.A small business sells 23 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
31. 31.A small business sells 12 cupcakes at ₹35 each. Its costs are ₹280. What is its profit (in ₹)?
32. 32.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
33. 33.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
34. 34.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) simplest to start (d) one owner runs it
35. 35.A small business sells 39 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
36. 36.A small business sells 35 glasses of chai at ₹40 each. What is its revenue (in ₹)?
37. 37.A small business sells 43 painted pebbles at ₹30 each. Its costs are ₹990. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
39. 39.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
40. 40.A small business sells 23 glasses of chai at ₹15 each. Its costs are ₹270. What is its profit (in ₹)?

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