Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 818 · 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 big company (d) a school club
2. 2.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
3. 3.True or false: “owner owes the debts” is true of a company. (a) False (b) True
4. 4.A small business sells 15 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
5. 5.True or false: “a separate legal body” is true of a company. (a) False (b) True
6. 6.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
8. 8.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
9. 9.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
10. 10.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
12. 12.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
13. 13.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) run by directors
14. 14.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
15. 15.A small business sells 23 cupcakes at ₹45 each. What is its revenue (in ₹)?
16. 16.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
17. 17.A small business sells 18 glasses of chai at ₹35 each. Its costs are ₹560. What is its profit (in ₹)?
18. 18.True or false: “one owner runs it” is true of a company. (a) False (b) True
19. 19.A small business sells 19 bags of popcorn at ₹50 each. Its costs are ₹510. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
21. 21.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) simplest to start
22. 22.A small business selling fruit cups had a revenue of ₹940 and a profit of ₹860. What were its costs (in ₹)?
23. 23.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
24. 24.True or false: “run by directors” is true of a company. (a) True (b) False
25. 25.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
26. 26.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
27. 27.A small business sells 49 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner keeps all profit
29. 29.A small business sells 50 cups of lemonade at ₹20 each. Its costs are ₹70. What is its profit (in ₹)?
30. 30.True or false: “run by directors” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 33 fruit cups at ₹25 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
33. 33.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
34. 34.A small business sells 40 glasses of chai at ₹15 each. What is its revenue (in ₹)?
35. 35.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) a separate legal body
36. 36.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
37. 37.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 15 friendship bands at ₹5 each. What is its revenue (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) owners’ risk is limited
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company

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