Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 117 · 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: “tutoring fees received” is income (money in). (a) False (b) True
2. 2.Saanvi’s record for the day:
   Income: ₹330 (morning sales)
   Income: ₹30 (evening sales)
   Expense: ₹140 (card paper)
   Expense: ₹180 (posters)
   What is the profit (in ₹)?
3. 3.📒 Why write down every sale and cost? (a) no reason (b) to look busy (c) to know the real profit (d) to fill a notebook
4. 4.Which of these is income (money in)? (a) printing posters (b) a card order paid (c) paying the stall fee (d) buying lemons
5. 5.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
6. 6.➖ Profit in your records = (a) income − expenses (b) expenses − income (c) just the income (d) income + expenses
7. 7.📒 Income or expense: buying paper cups? (a) expense (b) income
8. 8.Riya’s income was ₹100 and the profit was ₹10. One expense was ₹50 (lemons). How much was the other expense, for paper cups (in ₹)?
9. 9.Tara’s record for a rainy day:
   Income: ₹220 (sales)
   Expense: ₹230 (card paper)
   Expense: ₹70 (ribbon)
   How much is the loss (in ₹)?
10. 10.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) a selfie (c) only the bag (d) nothing
11. 11.Nisha’s record for the day:
    Income: ₹250 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹100 (sugar)
    Expense: ₹190 (paper cups)
    What is the profit (in ₹)?
12. 12.📒 Income or expense: paying the stall fee? (a) expense (b) income
13. 13.True or false: “a card order paid” is an expense (money out). (a) False (b) True
14. 14.Which of these is an expense (money out)? (a) cash from selling plants (b) a card order paid (c) printing posters (d) money from sales
15. 15.Which of these is an expense (money out)? (a) money from sales (b) tutoring fees received (c) bus fare to the market (d) a card order paid
16. 16.Ishaan’s record for a rainy day:
    Income: ₹210 (sales)
    Expense: ₹190 (sugar)
    Expense: ₹100 (lemons)
    How much is the loss (in ₹)?
17. 17.📅 When is the best time to update your records? (a) the same day (b) once a year (c) whenever you like (d) never
18. 18.Which of these is income (money in)? (a) paying the stall fee (b) bus fare to the market (c) buying lemons (d) cash from selling plants
19. 19.Lakshmi’s record for the day:
    Income: ₹110 (morning sales)
    Income: ₹500 (evening sales)
    Expense: ₹180 (paper cups)
    Expense: ₹200 (ribbon)
    What is the profit (in ₹)?
20. 20.Rohan’s income was ₹190 and the profit was ₹110. One expense was ₹30 (lemons). How much was the other expense, for transport (in ₹)?
21. 21.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
22. 22.Nisha’s record for a rainy day:
    Income: ₹240 (sales)
    Expense: ₹20 (posters)
    Expense: ₹300 (paper cups)
    How much is the loss (in ₹)?
23. 23.Which of these is an expense (money out)? (a) money from sales (b) paying the stall fee (c) tutoring fees received (d) cash from selling plants
24. 24.📒 Income or expense: tutoring fees received? (a) income (b) expense
25. 25.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
26. 26.📒 Income or expense: money from sales? (a) income (b) expense
27. 27.True or false: “paying the stall fee” is an expense (money out). (a) False (b) True
28. 28.Gurpreet’s income was ₹120 and the profit was ₹80. One expense was ₹10 (ribbon). How much was the other expense, for paper cups (in ₹)?
29. 29.Which of these is an expense (money out)? (a) buying paper cups (b) tutoring fees received (c) cash from selling plants (d) money from sales
30. 30.📒 Income or expense: buying lemons? (a) income (b) expense
31. 31.True or false: “buying paper cups” is income (money in). (a) True (b) False
32. 32.True or false: “money from sales” is income (money in). (a) True (b) False
33. 33.Diya’s record for a rainy day:
    Income: ₹150 (sales)
    Expense: ₹20 (sugar)
    Expense: ₹170 (stall fee)
    How much is the loss (in ₹)?
34. 34.True or false: “printing posters” is income (money in). (a) True (b) False
35. 35.Diya’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹10 (sugar)
    Expense: ₹70 (transport)
    How much is the loss (in ₹)?
36. 36.Meera’s record for the day:
    Income: ₹180 (morning sales)
    Income: ₹180 (evening sales)
    Expense: ₹120 (sugar)
    Expense: ₹150 (posters)
    What is the profit (in ₹)?
37. 37.True or false: “printing posters” is an expense (money out). (a) True (b) False
38. 38.True or false: “buying lemons” is an expense (money out). (a) True (b) False
39. 39.Nisha’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹30 (stall fee)
    Expense: ₹160 (ribbon)
    How much is the loss (in ₹)?
40. 40.Which of these is an expense (money out)? (a) a card order paid (b) cash from selling plants (c) tutoring fees received (d) buying lemons

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