Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 116 · 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.True or false: “paying the stall fee” is income (money in). (a) False (b) True
2. 2.True or false: “buying lemons” is income (money in). (a) False (b) True
3. 3.True or false: “cash from selling plants” is income (money in). (a) False (b) True
4. 4.📅 When is the best time to update your records? (a) once a year (b) whenever you like (c) the same day (d) never
5. 5.Dev’s income was ₹420 and the profit was ₹360. One expense was ₹50 (ribbon). How much was the other expense, for transport (in ₹)?
6. 6.True or false: “printing posters” is income (money in). (a) False (b) True
7. 7.Which of these is an expense (money out)? (a) payment for a cake order (b) tutoring fees received (c) paying the stall fee (d) cash from selling plants
8. 8.Ananya’s stall took in ₹140 on Friday, ₹130 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
9. 9.📒 Income or expense: bus fare to the market? (a) income (b) expense
10. 10.➖ Profit in your records = (a) expenses − income (b) income + expenses (c) income − expenses (d) just the income
11. 11.📒 Income or expense: tutoring fees received? (a) income (b) expense
12. 12.Saanvi’s record for the day:
    Income: ₹190 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹60 (sugar)
    Expense: ₹20 (paper cups)
    What is the profit (in ₹)?
13. 13.📒 Why write down every sale and cost? (a) to know the real profit (b) to fill a notebook (c) no reason (d) to look busy
14. 14.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
15. 15.Which of these is income (money in)? (a) buying paper cups (b) cash from selling plants (c) buying lemons (d) paying the stall fee
16. 16.Which of these is an expense (money out)? (a) cash from selling plants (b) tutoring fees received (c) money from sales (d) printing posters
17. 17.True or false: “paying the stall fee” is an expense (money out). (a) False (b) True
18. 18.📒 Income or expense: cash from selling plants? (a) income (b) expense
19. 19.Rohan’s stall took in ₹120 on Friday, ₹290 on Saturday and ₹80 on Sunday. What was the total income (in ₹)?
20. 20.Ananya’s record for a rainy day:
    Income: ₹150 (sales)
    Expense: ₹130 (lemons)
    Expense: ₹120 (card paper)
    How much is the loss (in ₹)?
21. 21.Which of these is an expense (money out)? (a) buying paper cups (b) money from sales (c) cash from selling plants (d) payment for a cake order
22. 22.📒 Income or expense: payment for a cake order? (a) income (b) expense
23. 23.Which of these is an expense (money out)? (a) bus fare to the market (b) payment for a cake order (c) a card order paid (d) tutoring fees received
24. 24.Vihaan’s record for the day:
    Income: ₹270 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹100 (paper cups)
    Expense: ₹180 (card paper)
    What is the profit (in ₹)?
25. 25.Gurpreet’s stall took in ₹210 on Friday, ₹80 on Saturday and ₹200 on Sunday. What was the total income (in ₹)?
26. 26.Ishaan’s record for the day:
    Income: ₹180 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹160 (stall fee)
    Expense: ₹100 (paper cups)
    What is the profit (in ₹)?
27. 27.True or false: “money from sales” is an expense (money out). (a) False (b) True
28. 28.Tara’s record for a rainy day:
    Income: ₹140 (sales)
    Expense: ₹170 (lemons)
    Expense: ₹70 (paper cups)
    How much is the loss (in ₹)?
29. 29.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
30. 30.True or false: “money from sales” is income (money in). (a) True (b) False
31. 31.🧾 What should you keep after buying supplies? (a) nothing (b) the bill or receipt (c) only the bag (d) a selfie
32. 32.📒 Income or expense: paying the stall fee? (a) income (b) expense
33. 33.Which of these is income (money in)? (a) buying lemons (b) a card order paid (c) printing posters (d) buying paper cups
34. 34.Dev’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹40 (paper cups)
    Expense: ₹220 (posters)
    How much is the loss (in ₹)?
35. 35.Rohan’s income was ₹310 and the profit was ₹170. One expense was ₹120 (ribbon). How much was the other expense, for posters (in ₹)?
36. 36.Diya’s record for the day:
    Income: ₹160 (morning sales)
    Income: ₹280 (evening sales)
    Expense: ₹50 (transport)
    Expense: ₹100 (paper cups)
    What is the profit (in ₹)?
37. 37.Dev’s stall took in ₹90 on Friday, ₹350 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
38. 38.📒 Income or expense: money from sales? (a) income (b) expense
39. 39.Diya’s record for the day:
    Income: ₹320 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹90 (lemons)
    Expense: ₹130 (transport)
    What is the profit (in ₹)?
40. 40.True or false: “payment for a cake order” is income (money in). (a) False (b) True

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