Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 797 · 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.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
4. 4.A small business sells 25 painted pebbles at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
5. 5.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
6. 6.A small business sells 51 potted plants at ₹25 each. What is its revenue (in ₹)?
7. 7.A small business sells 30 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
9. 9.True or false: “run by directors” is true of a company. (a) False (b) True
10. 10.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
11. 11.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
12. 12.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
13. 13.A small business sells 14 handmade cards at ₹30 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
15. 15.A small business sells 32 painted pebbles at ₹20 each. Its costs are ₹550. What is its profit (in ₹)?
16. 16.A small business sells 11 fruit cups at ₹45 each. Its costs are ₹350. What is its profit (in ₹)?
17. 17.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
18. 18.True or false: “a separate legal body” is true of a company. (a) True (b) False
19. 19.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) one owner runs it
20. 20.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
22. 22.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
23. 23.True or false: “one owner runs it” is true of a company. (a) False (b) True
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
25. 25.A small business selling handmade cards had a revenue of ₹290 and a profit of ₹230. What were its costs (in ₹)?
26. 26.A small business selling paper bookmarks had a revenue of ₹100 and a profit of ₹20. What were its costs (in ₹)?
27. 27.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
28. 28.A small business sells 18 paper bookmarks at ₹45 each. Its costs are ₹380. What is its profit (in ₹)?
29. 29.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) simplest to start (d) owner owes the debts
30. 30.A small business selling glasses of chai had a revenue of ₹675 and a profit of ₹85. What were its costs (in ₹)?
31. 31.True or false: “owned by shareholders” is true of a company. (a) False (b) True
32. 32.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
33. 33.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
34. 34.A small business sells 43 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
35. 35.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
36. 36.A small business sells 16 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) owners’ risk is limited
38. 38.A small business sells 46 glasses of chai at ₹40 each. What is its revenue (in ₹)?
39. 39.A small business selling painted pebbles had a revenue of ₹300 and a profit of ₹50. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company

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