Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 865 · 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) run by directors (b) owners’ risk is limited (c) owner keeps all profit (d) a separate legal body
2. 2.True or false: “a separate legal body” is true of a company. (a) False (b) True
3. 3.A small business selling friendship bands had a revenue of ₹260 and a profit of ₹220. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
5. 5.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
6. 6.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
7. 7.True or false: “owner owes the debts” is true of a company. (a) True (b) False
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) one owner runs it
9. 9.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
10. 10.True or false: “simplest to start” is true of a company. (a) True (b) False
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
12. 12.🎂 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
13. 13.A small business sells 34 handmade cards at ₹15 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
15. 15.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
16. 16.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
17. 17.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
18. 18.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
20. 20.A small business sells 13 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
21. 21.A small business sells 26 potted plants at ₹50 each. What is its revenue (in ₹)?
22. 22.True or false: “one owner runs it” is true of a company. (a) True (b) False
23. 23.A small business sells 36 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
25. 25.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) simplest to start
26. 26.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
27. 27.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
28. 28.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) a separate legal body
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
30. 30.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
31. 31.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
33. 33.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
34. 34.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
35. 35.A small business selling glasses of chai had a revenue of ₹495 and a profit of ₹475. What were its costs (in ₹)?
36. 36.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
37. 37.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
38. 38.A small business selling glasses of chai had a revenue of ₹1590 and a profit of ₹1180. What were its costs (in ₹)?
39. 39.A small business sells 18 paper bookmarks at ₹30 each. Its costs are ₹370. What is its profit (in ₹)?
40. 40.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) a separate legal body

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