Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 843 · 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 company? (a) a separate legal body (b) one owner runs it (c) simplest to start (d) owner owes the debts
2. 2.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
3. 3.A small business sells 38 handmade cards at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
4. 4.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) simplest to start
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) simplest to start (d) owned by shareholders
6. 6.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
7. 7.A small business sells 16 clay diyas at ₹25 each. Its costs are ₹150. What is its profit (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner keeps all profit (d) owned by shareholders
9. 9.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
10. 10.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
11. 11.A small business sells 16 jute bags at ₹10 each. What is its revenue (in ₹)?
12. 12.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner keeps all profit (d) simplest to start
15. 15.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
16. 16.A small business sells 16 paper bookmarks at ₹30 each. Its costs are ₹220. What is its profit (in ₹)?
17. 17.A small business sells 37 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
18. 18.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
19. 19.A small business selling cups of lemonade had a revenue of ₹720 and a profit of ₹290. What were its costs (in ₹)?
20. 20.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
21. 21.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
22. 22.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
24. 24.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
25. 25.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
27. 27.True or false: “one owner runs it” is true of a company. (a) True (b) False
28. 28.True or false: “a separate legal body” is true of a company. (a) False (b) True
29. 29.A small business sells 53 clay diyas at ₹15 each. What is its revenue (in ₹)?
30. 30.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
31. 31.A small business selling paper bookmarks had a revenue of ₹290 and a profit of ₹230. What were its costs (in ₹)?
32. 32.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
33. 33.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
34. 34.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
35. 35.True or false: “owned by shareholders” is true of a company. (a) False (b) True
36. 36.A small business sells 18 cups of lemonade at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
38. 38.True or false: “owner owes the debts” is true of a company. (a) True (b) False
39. 39.A small business sells 55 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
40. 40.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert

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