Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 918 · 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.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
3. 3.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
4. 4.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
5. 5.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
6. 6.A small business selling painted pebbles had a revenue of ₹550 and a profit of ₹140. What were its costs (in ₹)?
7. 7.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
8. 8.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owners’ risk is limited (d) owner owes the debts
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) simplest to start (d) owner owes the debts
10. 10.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
11. 11.A small business sells 15 painted pebbles at ₹25 each. Its costs are ₹10. What is its profit (in ₹)?
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
13. 13.A small business selling friendship bands had a revenue of ₹580 and a profit of ₹190. What were its costs (in ₹)?
14. 14.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
15. 15.A small business sells 44 cupcakes at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) one owner runs it
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
19. 19.A small business sells 33 cups of lemonade at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
20. 20.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) one owner runs it
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) one owner runs it
22. 22.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
24. 24.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
25. 25.A small business sells 17 potted plants at ₹25 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
27. 27.A small business sells 32 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
28. 28.True or false: “run by directors” is true of a company. (a) False (b) True
29. 29.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
31. 31.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
32. 32.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
33. 33.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
34. 34.A small business sells 46 clay diyas at ₹45 each. Its costs are ₹420. What is its profit (in ₹)?
35. 35.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owners’ risk is limited
36. 36.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
37. 37.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
39. 39.A small business sells 13 glasses of chai at ₹10 each. What is its revenue (in ₹)?
40. 40.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True

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