Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 102 · 40 questions

Business tip (Money in, money out): Income = money coming in; expense = money going out. Keep every bill or receipt. Profit = total income − total expenses. If expenses are more, loss = expenses − income. Update the record the same day, before you forget.

1. 1.📒 Income or expense: cash from selling plants? (a) expense (b) income
2. 2.📅 When is the best time to update your records? (a) once a year (b) never (c) the same day (d) whenever you like
3. 3.Ishaan’s stall took in ₹270 on Friday, ₹70 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
4. 4.Nisha’s stall took in ₹230 on Friday, ₹120 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?
5. 5.Nisha’s record for the day:
   Income: ₹240 (morning sales)
   Income: ₹40 (evening sales)
   Expense: ₹70 (stall fee)
   Expense: ₹120 (ribbon)
   What is the profit (in ₹)?
6. 6.True or false: “printing posters” is income (money in). (a) True (b) False
7. 7.Which of these is income (money in)? (a) money from sales (b) buying paper cups (c) paying the stall fee (d) buying lemons
8. 8.📒 Why write down every sale and cost? (a) no reason (b) to look busy (c) to fill a notebook (d) to know the real profit
9. 9.📒 Income or expense: bus fare to the market? (a) income (b) expense
10. 10.Lakshmi’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹70 (evening sales)
    Expense: ₹100 (card paper)
    Expense: ₹170 (stall fee)
    What is the profit (in ₹)?
11. 11.Zoya’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹210 (evening sales)
    Expense: ₹180 (posters)
    Expense: ₹50 (paper cups)
    What is the profit (in ₹)?
12. 12.Joseph’s stall took in ₹350 on Friday, ₹150 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
13. 13.Farhan’s stall took in ₹150 on Friday, ₹70 on Saturday and ₹130 on Sunday. What was the total income (in ₹)?
14. 14.Aarav’s stall took in ₹140 on Friday, ₹190 on Saturday and ₹380 on Sunday. What was the total income (in ₹)?
15. 15.📒 Income or expense: a card order paid? (a) expense (b) income
16. 16.True or false: “paying the stall fee” is income (money in). (a) True (b) False
17. 17.True or false: “buying lemons” is income (money in). (a) False (b) True
18. 18.➖ Profit in your records = (a) expenses − income (b) income + expenses (c) just the income (d) income − expenses
19. 19.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
20. 20.Ishaan’s income was ₹240 and the profit was ₹30. One expense was ₹60 (paper cups). How much was the other expense, for transport (in ₹)?
21. 21.Which of these is income (money in)? (a) bus fare to the market (b) paying the stall fee (c) payment for a cake order (d) buying lemons
22. 22.Which of these is an expense (money out)? (a) tutoring fees received (b) money from sales (c) a card order paid (d) paying the stall fee
23. 23.Meera’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹40 (sugar)
    Expense: ₹40 (ribbon)
    How much is the loss (in ₹)?
24. 24.📒 Income or expense: tutoring fees received? (a) income (b) expense
25. 25.Which of these is income (money in)? (a) bus fare to the market (b) tutoring fees received (c) paying the stall fee (d) buying paper cups
26. 26.Which of these is income (money in)? (a) buying lemons (b) bus fare to the market (c) paying the stall fee (d) cash from selling plants
27. 27.True or false: “bus fare to the market” is income (money in). (a) True (b) False
28. 28.Zoya’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹30 (card paper)
    Expense: ₹30 (posters)
    What is the profit (in ₹)?
29. 29.📒 Income or expense: buying paper cups? (a) income (b) expense
30. 30.Kabir’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹200 (evening sales)
    Expense: ₹160 (paper cups)
    Expense: ₹60 (card paper)
    What is the profit (in ₹)?
31. 31.Riya’s stall took in ₹290 on Friday, ₹110 on Saturday and ₹200 on Sunday. What was the total income (in ₹)?
32. 32.True or false: “tutoring fees received” is income (money in). (a) True (b) False
33. 33.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
34. 34.Gurpreet’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹50 (transport)
    Expense: ₹100 (lemons)
    How much is the loss (in ₹)?
35. 35.True or false: “printing posters” is an expense (money out). (a) False (b) True
36. 36.📒 Income or expense: money from sales? (a) income (b) expense
37. 37.Gurpreet’s record for the day:
    Income: ₹300 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹70 (stall fee)
    Expense: ₹70 (ribbon)
    What is the profit (in ₹)?
38. 38.Riya’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹10 (ribbon)
    Expense: ₹200 (posters)
    How much is the loss (in ₹)?
39. 39.Kavya’s stall took in ₹340 on Friday, ₹350 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?
40. 40.Which of these is an expense (money out)? (a) cash from selling plants (b) tutoring fees received (c) bus fare to the market (d) money from sales

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