Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 957 · 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) a separate legal body (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
2. 2.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
3. 3.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
4. 4.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts
7. 7.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
8. 8.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
11. 11.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) one owner runs it (d) owner keeps all profit
12. 12.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
13. 13.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
15. 15.True or false: “one owner runs it” is true of a company. (a) True (b) False
16. 16.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
17. 17.True or false: “a separate legal body” is true of a company. (a) False (b) True
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) a separate legal body (d) owners’ risk is limited
19. 19.A small business sells 44 jute bags at ₹5 each. Its costs are ₹210. What is its profit (in ₹)?
20. 20.A small business sells 60 glasses of chai at ₹50 each. Its costs are ₹1000. What is its profit (in ₹)?
21. 21.A small business sells 16 glasses of chai at ₹40 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
23. 23.True or false: “run by directors” is true of a sole trader. (a) False (b) True
24. 24.A small business selling handmade cards had a revenue of ₹1575 and a profit of ₹1555. What were its costs (in ₹)?
25. 25.A small business sells 30 cupcakes at ₹10 each. Its costs are ₹170. What is its profit (in ₹)?
26. 26.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner keeps all profit (d) owner owes the debts
27. 27.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
28. 28.True or false: “owner owes the debts” is true of a company. (a) True (b) False
29. 29.A small business sells 34 cupcakes at ₹30 each. What is its revenue (in ₹)?
30. 30.A small business sells 23 glasses of chai at ₹25 each. What is its revenue (in ₹)?
31. 31.A small business sells 33 glasses of chai at ₹50 each. Its costs are ₹1220. What is its profit (in ₹)?
32. 32.A small business sells 56 jute bags at ₹20 each. What is its revenue (in ₹)?
33. 33.True or false: “owned by shareholders” is true of a company. (a) False (b) True
34. 34.A small business selling fruit cups had a revenue of ₹300 and a profit of ₹120. What were its costs (in ₹)?
35. 35.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
36. 36.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
37. 37.A small business sells 40 clay diyas at ₹20 each. What is its revenue (in ₹)?
38. 38.A small business selling cupcakes had a revenue of ₹1485 and a profit of ₹485. What were its costs (in ₹)?
39. 39.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
40. 40.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True

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