Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 119 · 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: buying lemons? (a) income (b) expense
2. 2.📒 Why write down every sale and cost? (a) to fill a notebook (b) no reason (c) to know the real profit (d) to look busy
3. 3.Saanvi’s record for the day:
   Income: ₹170 (morning sales)
   Income: ₹90 (evening sales)
   Expense: ₹50 (sugar)
   Expense: ₹120 (transport)
   What is the profit (in ₹)?
4. 4.Rohan’s stall took in ₹260 on Friday, ₹210 on Saturday and ₹390 on Sunday. What was the total income (in ₹)?
5. 5.📒 Income or expense: buying paper cups? (a) expense (b) income
6. 6.Which of these is income (money in)? (a) printing posters (b) money from sales (c) paying the stall fee (d) buying paper cups
7. 7.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
8. 8.Joseph’s record for a rainy day:
   Income: ₹210 (sales)
   Expense: ₹30 (ribbon)
   Expense: ₹250 (lemons)
   How much is the loss (in ₹)?
9. 9.📒 Income or expense: cash from selling plants? (a) income (b) expense
10. 10.Which of these is income (money in)? (a) bus fare to the market (b) cash from selling plants (c) buying lemons (d) printing posters
11. 11.🧾 What should you keep after buying supplies? (a) only the bag (b) nothing (c) the bill or receipt (d) a selfie
12. 12.Which of these is income (money in)? (a) buying lemons (b) printing posters (c) tutoring fees received (d) buying paper cups
13. 13.Which of these is an expense (money out)? (a) tutoring fees received (b) paying the stall fee (c) money from sales (d) a card order paid
14. 14.Lakshmi’s stall took in ₹380 on Friday, ₹310 on Saturday and ₹110 on Sunday. What was the total income (in ₹)?
15. 15.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
16. 16.📅 When is the best time to update your records? (a) the same day (b) whenever you like (c) once a year (d) never
17. 17.Which of these is an expense (money out)? (a) printing posters (b) tutoring fees received (c) a card order paid (d) money from sales
18. 18.📒 Income or expense: paying the stall fee? (a) income (b) expense
19. 19.Arjun’s income was ₹500 and the profit was ₹210. One expense was ₹100 (stall fee). How much was the other expense, for lemons (in ₹)?
20. 20.Saanvi’s record for a rainy day:
    Income: ₹130 (sales)
    Expense: ₹20 (posters)
    Expense: ₹210 (stall fee)
    How much is the loss (in ₹)?
21. 21.Lakshmi’s stall took in ₹400 on Friday, ₹260 on Saturday and ₹240 on Sunday. What was the total income (in ₹)?
22. 22.Lakshmi’s record for a rainy day:
    Income: ₹210 (sales)
    Expense: ₹240 (paper cups)
    Expense: ₹10 (posters)
    How much is the loss (in ₹)?
23. 23.Zoya’s income was ₹130 and the profit was ₹10. One expense was ₹110 (lemons). How much was the other expense, for paper cups (in ₹)?
24. 24.True or false: “buying lemons” is income (money in). (a) True (b) False
25. 25.Arjun’s record for a rainy day:
    Income: ₹210 (sales)
    Expense: ₹80 (card paper)
    Expense: ₹200 (ribbon)
    How much is the loss (in ₹)?
26. 26.Nisha’s record for the day:
    Income: ₹350 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹110 (sugar)
    Expense: ₹200 (card paper)
    What is the profit (in ₹)?
27. 27.Meera’s record for the day:
    Income: ₹290 (morning sales)
    Income: ₹160 (evening sales)
    Expense: ₹90 (ribbon)
    Expense: ₹110 (paper cups)
    What is the profit (in ₹)?
28. 28.Ananya’s record for the day:
    Income: ₹300 (morning sales)
    Income: ₹70 (evening sales)
    Expense: ₹60 (ribbon)
    Expense: ₹100 (lemons)
    What is the profit (in ₹)?
29. 29.True or false: “printing posters” is income (money in). (a) True (b) False
30. 30.Ananya’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹10 (card paper)
    Expense: ₹80 (sugar)
    How much is the loss (in ₹)?
31. 31.Meera’s record for the day:
    Income: ₹240 (morning sales)
    Income: ₹100 (evening sales)
    Expense: ₹130 (transport)
    Expense: ₹110 (lemons)
    What is the profit (in ₹)?
32. 32.Kabir’s stall took in ₹260 on Friday, ₹400 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
33. 33.➖ Profit in your records = (a) income − expenses (b) income + expenses (c) just the income (d) expenses − income
34. 34.📒 Income or expense: tutoring fees received? (a) expense (b) income
35. 35.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
36. 36.True or false: “buying paper cups” is income (money in). (a) False (b) True
37. 37.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
38. 38.Kavya’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹390 (evening sales)
    Expense: ₹50 (ribbon)
    Expense: ₹200 (lemons)
    What is the profit (in ₹)?
39. 39.True or false: “printing posters” is an expense (money out). (a) True (b) False
40. 40.Lakshmi’s income was ₹470 and the profit was ₹200. One expense was ₹50 (posters). How much was the other expense, for ribbon (in ₹)?

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