Entrepreneurship · lesson 14 of 24 · free

Simple record keeping — Entrepreneurship for kids

Good records show the truth about your business. Write every rupee that comes in (income: money from sales, fees received) and every rupee that goes out (expenses: lemons, cups, the stall fee, posters) on the same day, and keep the bills. Profit = total income − total expenses; if expenses are bigger, the difference is a loss.

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Business tip

Money in, money out — “write it the same day; profit = income − expenses”

  1. Income = money coming in; expense = money going out. Keep every bill or receipt.
  2. Profit = total income − total expenses. If expenses are more, loss = expenses − income.
  3. Update the record the same day, before you forget.

Use it for: Every day your stall or service runs, and for any club or class money.

Worked example: Aarav’s record for the day:
Income: ₹200 (morning sales)
Income: ₹150 (evening sales)
Expense: ₹140 (stall fee)
Expense: ₹170 (posters)
What is the profit (in ₹)? → 40

  1. Income: 200 + 150 = 350. Expenses: 140 + 170 = 310.
  2. 350 − 310 = 40.

Check: Try it: keep a two-column record (money in, money out) of your own money for one week ✓

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🏁 Lesson 14 test

20 questions. Check each answer, then go to the next one. Get 16 or more right to pass.

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🖨️ Entrepreneurship Worksheet: Income and Expenses Record

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