Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 935 · 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: “simplest to start” is true of a sole trader. (a) True (b) False
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
6. 6.A small business sells 10 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
7. 7.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
8. 8.A small business sells 58 friendship bands at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
9. 9.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owners’ risk is limited
10. 10.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) run by directors
11. 11.True or false: “a separate legal body” is true of a company. (a) True (b) False
12. 12.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
13. 13.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
14. 14.A small business sells 45 handmade cards at ₹30 each. What is its revenue (in ₹)?
15. 15.A small business selling paper bookmarks had a revenue of ₹455 and a profit of ₹95. What were its costs (in ₹)?
16. 16.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner keeps all profit
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) one owner runs it (d) run by directors
18. 18.A small business sells 19 friendship bands at ₹25 each. Its costs are ₹240. What is its profit (in ₹)?
19. 19.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
20. 20.A small business selling fruit cups had a revenue of ₹300 and a profit of ₹90. What were its costs (in ₹)?
21. 21.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
22. 22.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
24. 24.A small business sells 33 fruit cups at ₹35 each. What is its revenue (in ₹)?
25. 25.A small business sells 16 painted pebbles at ₹35 each. What is its revenue (in ₹)?
26. 26.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
27. 27.A small business sells 18 cupcakes at ₹50 each. Its costs are ₹790. What is its profit (in ₹)?
28. 28.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
29. 29.A small business sells 44 handmade cards at ₹45 each. Its costs are ₹1140. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
31. 31.A small business sells 27 handmade cards at ₹25 each. Its costs are ₹220. What is its profit (in ₹)?
32. 32.A small business sells 10 potted plants at ₹50 each. What is its revenue (in ₹)?
33. 33.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 41 clay diyas at ₹35 each. Its costs are ₹120. What is its profit (in ₹)?
35. 35.A small business sells 40 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
36. 36.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
37. 37.A small business sells 20 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
38. 38.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
39. 39.A small business sells 46 cups of lemonade at ₹35 each. Its costs are ₹410. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company

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