Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 847 · 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: owners’ risk is limited? (a) a sole trader (b) a company
2. 2.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
3. 3.True or false: “simplest to start” is true of a company. (a) False (b) True
4. 4.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) simplest to start (d) a separate legal body
5. 5.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
6. 6.A small business selling friendship bands had a revenue of ₹1250 and a profit of ₹980. What were its costs (in ₹)?
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.A small business sells 50 friendship bands at ₹20 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.A small business sells 12 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
11. 11.True or false: “run by directors” is true of a company. (a) False (b) True
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner owes the debts
13. 13.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
14. 14.True or false: “run by directors” is true of a sole trader. (a) True (b) False
15. 15.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
16. 16.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
17. 17.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
18. 18.True or false: “a separate legal body” is true of a company. (a) False (b) True
19. 19.A small business sells 49 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
21. 21.A small business sells 19 friendship bands at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
22. 22.A small business sells 45 painted pebbles at ₹50 each. What is its revenue (in ₹)?
23. 23.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
24. 24.A small business sells 15 painted pebbles at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
25. 25.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
26. 26.A small business selling paper bookmarks had a revenue of ₹2200 and a profit of ₹2040. What were its costs (in ₹)?
27. 27.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
28. 28.A small business selling potted plants had a revenue of ₹240 and a profit of ₹50. What were its costs (in ₹)?
29. 29.A small business sells 33 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
30. 30.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit
31. 31.A small business selling cups of lemonade had a revenue of ₹760 and a profit of ₹280. What were its costs (in ₹)?
32. 32.A small business sells 19 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
33. 33.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
34. 34.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) run by directors
35. 35.A small business selling cups of lemonade had a revenue of ₹215 and a profit of ₹105. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
37. 37.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
38. 38.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
39. 39.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False

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