Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 800 · 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.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
4. 4.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) one owner runs it
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
7. 7.A small business sells 13 jute bags at ₹20 each. What is its revenue (in ₹)?
8. 8.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
9. 9.True or false: “one owner runs it” is true of a company. (a) False (b) True
10. 10.A small business sells 25 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
11. 11.A small business sells 38 friendship bands at ₹15 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
15. 15.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
17. 17.A small business selling bags of popcorn had a revenue of ₹1440 and a profit of ₹430. What were its costs (in ₹)?
18. 18.A small business sells 48 paper bookmarks at ₹15 each. Its costs are ₹320. What is its profit (in ₹)?
19. 19.True or false: “run by directors” is true of a company. (a) True (b) False
20. 20.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
21. 21.A small business sells 31 glasses of chai at ₹10 each. Its costs are ₹180. What is its profit (in ₹)?
22. 22.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) run by directors
23. 23.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
24. 24.A small business sells 19 fruit cups at ₹25 each. What is its revenue (in ₹)?
25. 25.A small business sells 59 cupcakes at ₹35 each. Its costs are ₹1860. What is its profit (in ₹)?
26. 26.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
27. 27.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
28. 28.A small business selling glasses of chai had a revenue of ₹1600 and a profit of ₹1360. What were its costs (in ₹)?
29. 29.A small business sells 14 friendship bands at ₹50 each. What is its revenue (in ₹)?
30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
31. 31.A small business selling glasses of chai had a revenue of ₹210 and a profit of ₹30. What were its costs (in ₹)?
32. 32.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owned by shareholders
33. 33.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
34. 34.A small business selling paper bookmarks had a revenue of ₹2400 and a profit of ₹360. What were its costs (in ₹)?
35. 35.A small business sells 30 friendship bands at ₹40 each. Its costs are ₹270. What is its profit (in ₹)?
36. 36.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
37. 37.A small business sells 14 painted pebbles at ₹40 each. What is its revenue (in ₹)?
38. 38.A small business selling cups of lemonade had a revenue of ₹1080 and a profit of ₹710. What were its costs (in ₹)?
39. 39.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) a separate legal body
40. 40.A small business sells 44 fruit cups at ₹15 each. Its costs are ₹170. What is its profit (in ₹)?

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