Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 974 · 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: “owners’ risk is limited” is true of a company. (a) True (b) False
2. 2.A small business sells 39 handmade cards at ₹5 each. What is its revenue (in ₹)?
3. 3.A small business sells 57 glasses of chai at ₹5 each. What is its revenue (in ₹)?
4. 4.A small business sells 17 handmade cards at ₹35 each. What is its revenue (in ₹)?
5. 5.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
6. 6.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner keeps all profit (d) owners’ risk is limited
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
9. 9.A small business sells 32 friendship bands at ₹25 each. Its costs are ₹240. What is its profit (in ₹)?
10. 10.A small business sells 18 cupcakes at ₹15 each. What is its revenue (in ₹)?
11. 11.A small business sells 21 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
12. 12.True or false: “owned by shareholders” is true of a company. (a) True (b) False
13. 13.A small business sells 35 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
14. 14.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
15. 15.A small business sells 43 handmade cards at ₹35 each. Its costs are ₹1250. What is its profit (in ₹)?
16. 16.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) run by directors (d) owned by shareholders
17. 17.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
18. 18.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
19. 19.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) a separate legal body
20. 20.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
22. 22.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
24. 24.A small business sells 15 glasses of chai at ₹45 each. What is its revenue (in ₹)?
25. 25.True or false: “a separate legal body” is true of a company. (a) False (b) True
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
27. 27.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
28. 28.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
29. 29.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
30. 30.A small business selling potted plants had a revenue of ₹1120 and a profit of ₹670. What were its costs (in ₹)?
31. 31.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
32. 32.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
33. 33.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
34. 34.A small business sells 21 friendship bands at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
35. 35.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) simplest to start
36. 36.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
37. 37.True or false: “run by directors” is true of a sole trader. (a) True (b) False
38. 38.A small business sells 15 fruit cups at ₹40 each. Its costs are ₹150. What is its profit (in ₹)?
39. 39.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
40. 40.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False

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