Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 158 · 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.Ananya’s income was ₹460 and the profit was ₹20. One expense was ₹30 (lemons). How much was the other expense, for paper cups (in ₹)?
2. 2.Aarav’s record for the day:
   Income: ₹90 (morning sales)
   Income: ₹130 (evening sales)
   Expense: ₹130 (lemons)
   Expense: ₹40 (ribbon)
   What is the profit (in ₹)?
3. 3.Which of these is income (money in)? (a) buying lemons (b) buying paper cups (c) tutoring fees received (d) paying the stall fee
4. 4.📒 Income or expense: money from sales? (a) expense (b) income
5. 5.True or false: “payment for a cake order” is income (money in). (a) False (b) True
6. 6.Which of these is income (money in)? (a) buying lemons (b) bus fare to the market (c) a card order paid (d) buying paper cups
7. 7.Which of these is an expense (money out)? (a) money from sales (b) a card order paid (c) cash from selling plants (d) buying paper cups
8. 8.📒 Income or expense: printing posters? (a) expense (b) income
9. 9.Dev’s record for the day:
   Income: ₹520 (morning sales)
   Income: ₹110 (evening sales)
   Expense: ₹200 (posters)
   Expense: ₹130 (paper cups)
   What is the profit (in ₹)?
10. 10.➖ Profit in your records = (a) income − expenses (b) expenses − income (c) just the income (d) income + expenses
11. 11.📒 Why write down every sale and cost? (a) no reason (b) to fill a notebook (c) to look busy (d) to know the real profit
12. 12.Lakshmi’s stall took in ₹120 on Friday, ₹230 on Saturday and ₹310 on Sunday. What was the total income (in ₹)?
13. 13.True or false: “paying the stall fee” is income (money in). (a) False (b) True
14. 14.Gurpreet’s stall took in ₹370 on Friday, ₹370 on Saturday and ₹400 on Sunday. What was the total income (in ₹)?
15. 15.True or false: “paying the stall fee” is an expense (money out). (a) False (b) True
16. 16.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
17. 17.📅 When is the best time to update your records? (a) the same day (b) once a year (c) never (d) whenever you like
18. 18.True or false: “a card order paid” is income (money in). (a) False (b) True
19. 19.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
20. 20.True or false: “tutoring fees received” is income (money in). (a) False (b) True
21. 21.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
22. 22.True or false: “buying paper cups” is an expense (money out). (a) True (b) False
23. 23.Which of these is an expense (money out)? (a) paying the stall fee (b) money from sales (c) payment for a cake order (d) tutoring fees received
24. 24.Ananya’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹20 (stall fee)
    Expense: ₹210 (ribbon)
    How much is the loss (in ₹)?
25. 25.Zoya’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹160 (posters)
    Expense: ₹30 (ribbon)
    How much is the loss (in ₹)?
26. 26.Which of these is income (money in)? (a) buying paper cups (b) cash from selling plants (c) buying lemons (d) bus fare to the market
27. 27.Nisha’s stall took in ₹280 on Friday, ₹70 on Saturday and ₹370 on Sunday. What was the total income (in ₹)?
28. 28.Aarav’s income was ₹240 and the profit was ₹20. One expense was ₹180 (lemons). How much was the other expense, for ribbon (in ₹)?
29. 29.Which of these is income (money in)? (a) paying the stall fee (b) buying paper cups (c) buying lemons (d) money from sales
30. 30.True or false: “cash from selling plants” is income (money in). (a) False (b) True
31. 31.📒 Income or expense: bus fare to the market? (a) income (b) expense
32. 32.Arjun’s income was ₹190 and the profit was ₹150. One expense was ₹10 (lemons). How much was the other expense, for transport (in ₹)?
33. 33.Ananya’s record for a rainy day:
    Income: ₹280 (sales)
    Expense: ₹130 (paper cups)
    Expense: ₹240 (lemons)
    How much is the loss (in ₹)?
34. 34.Dev’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹30 (posters)
    Expense: ₹90 (stall fee)
    How much is the loss (in ₹)?
35. 35.Which of these is an expense (money out)? (a) payment for a cake order (b) buying lemons (c) tutoring fees received (d) a card order paid
36. 36.Saanvi’s stall took in ₹190 on Friday, ₹120 on Saturday and ₹120 on Sunday. What was the total income (in ₹)?
37. 37.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
38. 38.True or false: “a card order paid” is an expense (money out). (a) True (b) False
39. 39.Which of these is income (money in)? (a) printing posters (b) buying lemons (c) paying the stall fee (d) payment for a cake order
40. 40.📒 Income or expense: payment for a cake order? (a) expense (b) income

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