Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 842 · 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: a separate legal body? (a) a company (b) a sole trader
2. 2.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) owners’ risk is limited
4. 4.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
5. 5.A small business sells 16 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
6. 6.True or false: “simplest to start” is true of a company. (a) True (b) False
7. 7.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
8. 8.A small business selling painted pebbles had a revenue of ₹2000 and a profit of ₹1540. What were its costs (in ₹)?
9. 9.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
10. 10.A small business sells 10 friendship bands at ₹25 each. What is its revenue (in ₹)?
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
12. 12.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
13. 13.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
14. 14.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
15. 15.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
16. 16.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
17. 17.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
18. 18.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
20. 20.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
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) simplest to start
22. 22.A small business selling cups of lemonade had a revenue of ₹400 and a profit of ₹230. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
24. 24.True or false: “one owner runs it” is true of a company. (a) False (b) True
25. 25.A small business sells 45 paper bookmarks at ₹50 each. Its costs are ₹1630. What is its profit (in ₹)?
26. 26.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) owner owes the debts
27. 27.A small business sells 12 handmade cards at ₹30 each. What is its revenue (in ₹)?
28. 28.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
29. 29.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
30. 30.A small business sells 31 bags of popcorn at ₹50 each. Its costs are ₹930. What is its profit (in ₹)?
31. 31.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
32. 32.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
33. 33.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
34. 34.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner keeps all profit (d) owner owes the debts
35. 35.A small business sells 56 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) run by directors
37. 37.True or false: “owner owes the debts” is true of a company. (a) False (b) True
38. 38.A small business sells 24 painted pebbles at ₹50 each. Its costs are ₹10. What is its profit (in ₹)?
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
40. 40.True or false: “run by directors” is true of a company. (a) True (b) False

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