Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 863 · 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) owner owes the debts (b) a separate legal body (c) simplest to start (d) owner keeps all profit
2. 2.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
3. 3.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
4. 4.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) simplest to start
6. 6.A small business sells 12 cupcakes at ₹50 each. Its costs are ₹530. What is its profit (in ₹)?
7. 7.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
8. 8.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
9. 9.A small business sells 21 paper bookmarks at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) run by directors
11. 11.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
13. 13.A small business sells 41 fruit cups at ₹30 each. What is its revenue (in ₹)?
14. 14.True or false: “a separate legal body” is true of a company. (a) False (b) True
15. 15.A small business selling glasses of chai had a revenue of ₹340 and a profit of ₹240. What were its costs (in ₹)?
16. 16.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
17. 17.A small business sells 41 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
18. 18.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
19. 19.📜 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
20. 20.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
21. 21.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
22. 22.A small business sells 22 cupcakes at ₹20 each. Its costs are ₹70. What is its profit (in ₹)?
23. 23.A small business sells 56 handmade cards at ₹5 each. What is its revenue (in ₹)?
24. 24.A small business sells 24 painted pebbles at ₹40 each. Its costs are ₹530. What is its profit (in ₹)?
25. 25.A small business sells 23 handmade cards at ₹45 each. What is its revenue (in ₹)?
26. 26.A small business sells 12 potted plants at ₹30 each. Its costs are ₹260. What is its profit (in ₹)?
27. 27.True or false: “owner owes the debts” is true of a company. (a) True (b) False
28. 28.True or false: “run by directors” is true of a company. (a) True (b) False
29. 29.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
30. 30.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
31. 31.A small business sells 27 painted pebbles at ₹50 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
33. 33.A small business selling potted plants had a revenue of ₹750 and a profit of ₹220. What were its costs (in ₹)?
34. 34.A small business sells 48 handmade cards at ₹30 each. Its costs are ₹750. What is its profit (in ₹)?
35. 35.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
36. 36.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
37. 37.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
38. 38.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
39. 39.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owned by shareholders
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False

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