Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 824 · 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: owner owes the debts? (a) a company (b) a sole trader
2. 2.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
3. 3.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
4. 4.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
5. 5.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
7. 7.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) a separate legal body
8. 8.A small business sells 27 friendship bands at ₹10 each. What is its revenue (in ₹)?
9. 9.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
10. 10.A small business sells 57 painted pebbles at ₹10 each. What is its revenue (in ₹)?
11. 11.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
12. 12.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
13. 13.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) a separate legal body
14. 14.A small business sells 40 potted plants at ₹35 each. What is its revenue (in ₹)?
15. 15.A small business selling friendship bands had a revenue of ₹280 and a profit of ₹200. What were its costs (in ₹)?
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner keeps all profit (d) a separate legal body
18. 18.A small business sells 59 handmade cards at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
19. 19.A small business selling cups of lemonade had a revenue of ₹210 and a profit of ₹120. What were its costs (in ₹)?
20. 20.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
21. 21.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
22. 22.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
23. 23.True or false: “a separate legal body” is true of a company. (a) False (b) True
24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
25. 25.A small business sells 56 bags of popcorn at ₹15 each. Its costs are ₹180. What is its profit (in ₹)?
26. 26.A small business sells 10 bags of popcorn at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
27. 27.A small business selling glasses of chai had a revenue of ₹750 and a profit of ₹490. What were its costs (in ₹)?
28. 28.A small business sells 11 cupcakes at ₹20 each. Its costs are ₹30. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
30. 30.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
31. 31.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
32. 32.A small business sells 42 paper bookmarks at ₹30 each. Its costs are ₹650. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
34. 34.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
35. 35.A small business sells 23 handmade cards at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
36. 36.A small business sells 37 potted plants at ₹15 each. What is its revenue (in ₹)?
37. 37.A small business selling clay diyas had a revenue of ₹1440 and a profit of ₹610. What were its costs (in ₹)?
38. 38.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
39. 39.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
40. 40.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) owner keeps all profit

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