Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 983 · 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.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
2. 2.True or false: “owned by shareholders” is true of a company. (a) True (b) False
3. 3.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
4. 4.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
5. 5.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) run by directors (d) owned by shareholders
6. 6.A small business sells 22 fruit cups at ₹10 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.A small business sells 38 cupcakes at ₹15 each. What is its revenue (in ₹)?
9. 9.A small business sells 19 bags of popcorn at ₹50 each. Its costs are ₹310. What is its profit (in ₹)?
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) a separate legal body
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
12. 12.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
13. 13.True or false: “owner owes the debts” is true of a company. (a) True (b) False
14. 14.A small business sells 60 handmade cards at ₹35 each. Its costs are ₹1410. What is its profit (in ₹)?
15. 15.A small business sells 58 potted plants at ₹30 each. What is its revenue (in ₹)?
16. 16.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
17. 17.A small business sells 45 bags of popcorn at ₹20 each. Its costs are ₹440. What is its profit (in ₹)?
18. 18.True or false: “run by directors” is true of a sole trader. (a) True (b) False
19. 19.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
20. 20.A small business sells 50 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
21. 21.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
22. 22.A small business selling paper bookmarks had a revenue of ₹840 and a profit of ₹250. What were its costs (in ₹)?
23. 23.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
24. 24.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
27. 27.A small business sells 58 clay diyas at ₹50 each. What is its revenue (in ₹)?
28. 28.A small business sells 20 fruit cups at ₹30 each. Its costs are ₹120. What is its profit (in ₹)?
29. 29.A small business selling painted pebbles had a revenue of ₹540 and a profit of ₹270. What were its costs (in ₹)?
30. 30.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) run by directors (d) a separate legal body
31. 31.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
32. 32.A small business sells 40 friendship bands at ₹35 each. Its costs are ₹710. What is its profit (in ₹)?
33. 33.A small business selling cups of lemonade had a revenue of ₹250 and a profit of ₹230. What were its costs (in ₹)?
34. 34.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
35. 35.A small business sells 39 painted pebbles at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
36. 36.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
37. 37.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
38. 38.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
39. 39.A small business selling glasses of chai had a revenue of ₹85 and a profit of ₹65. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company

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