Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 841 · 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 sole trader? (a) a separate legal body (b) owner owes the debts (c) run by directors (d) owners’ risk is limited
2. 2.True or false: “owner owes the debts” is true of a company. (a) False (b) True
3. 3.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
4. 4.A small business sells 21 fruit cups at ₹20 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
6. 6.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
7. 7.A small business sells 41 clay diyas at ₹45 each. What is its revenue (in ₹)?
8. 8.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
9. 9.A small business sells 53 jute bags at ₹30 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
11. 11.A small business sells 49 glasses of chai at ₹20 each. Its costs are ₹180. What is its profit (in ₹)?
12. 12.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
13. 13.A small business sells 30 glasses of chai at ₹45 each. Its costs are ₹510. What is its profit (in ₹)?
14. 14.True or false: “owned by shareholders” is true of a company. (a) True (b) False
15. 15.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) owned by shareholders
16. 16.A small business sells 57 potted plants at ₹25 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.True or false: “run by directors” is true of a company. (a) True (b) False
19. 19.A small business selling handmade cards had a revenue of ₹590 and a profit of ₹410. What were its costs (in ₹)?
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
21. 21.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
22. 22.A small business sells 14 jute bags at ₹30 each. Its costs are ₹240. What is its profit (in ₹)?
23. 23.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
24. 24.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
25. 25.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
26. 26.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
27. 27.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
28. 28.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner keeps all profit (d) owned by shareholders
30. 30.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
31. 31.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
32. 32.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
33. 33.A small business sells 11 friendship bands at ₹15 each. What is its revenue (in ₹)?
34. 34.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
35. 35.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
36. 36.True or false: “one owner runs it” is true of a company. (a) True (b) False
37. 37.A small business sells 23 cupcakes at ₹50 each. Its costs are ₹260. What is its profit (in ₹)?
38. 38.A small business selling bags of popcorn had a revenue of ₹1680 and a profit of ₹1240. What were its costs (in ₹)?
39. 39.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False

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