Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 880 · 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.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
2. 2.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
3. 3.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
4. 4.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
5. 5.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
6. 6.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
7. 7.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
8. 8.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) owner owes the debts
10. 10.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
11. 11.A small business sells 28 handmade cards at ₹30 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) owned by shareholders
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.A small business sells 11 handmade cards at ₹15 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
17. 17.A small business sells 45 jute bags at ₹50 each. Its costs are ₹750. What is its profit (in ₹)?
18. 18.A small business sells 18 friendship bands at ₹40 each. Its costs are ₹200. What is its profit (in ₹)?
19. 19.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
20. 20.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
23. 23.A small business selling cups of lemonade had a revenue of ₹3000 and a profit of ₹810. What were its costs (in ₹)?
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
25. 25.A small business sells 34 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
26. 26.True or false: “run by directors” is true of a sole trader. (a) True (b) False
27. 27.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
28. 28.🎂 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
29. 29.A small business sells 17 paper bookmarks at ₹30 each. Its costs are ₹360. What is its profit (in ₹)?
30. 30.A small business sells 18 cupcakes at ₹35 each. Its costs are ₹510. What is its profit (in ₹)?
31. 31.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
32. 32.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
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) a separate legal body (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
35. 35.A small business sells 57 painted pebbles at ₹30 each. What is its revenue (in ₹)?
36. 36.A small business selling cupcakes had a revenue of ₹250 and a profit of ₹240. What were its costs (in ₹)?
37. 37.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
38. 38.A small business selling cups of lemonade had a revenue of ₹340 and a profit of ₹80. What were its costs (in ₹)?
39. 39.A small business sells 20 fruit cups at ₹25 each. What is its revenue (in ₹)?
40. 40.True or false: “owner owes the debts” is true of a company. (a) True (b) False

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