Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 171 · 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) True (b) False
2. 2.Nisha’s income was ₹340 and the profit was ₹260. One expense was ₹50 (stall fee). How much was the other expense, for posters (in ₹)?
3. 3.Which of these is income (money in)? (a) buying paper cups (b) cash from selling plants (c) printing posters (d) buying lemons
4. 4.Which of these is an expense (money out)? (a) payment for a cake order (b) tutoring fees received (c) paying the stall fee (d) money from sales
5. 5.Ananya’s stall took in ₹140 on Friday, ₹320 on Saturday and ₹130 on Sunday. What was the total income (in ₹)?
6. 6.Ananya’s stall took in ₹100 on Friday, ₹190 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
7. 7.Riya’s record for the day:
   Income: ₹220 (morning sales)
   Income: ₹70 (evening sales)
   Expense: ₹190 (stall fee)
   Expense: ₹40 (ribbon)
   What is the profit (in ₹)?
8. 8.Dev’s record for a rainy day:
   Income: ₹90 (sales)
   Expense: ₹40 (stall fee)
   Expense: ₹150 (card paper)
   How much is the loss (in ₹)?
9. 9.True or false: “buying lemons” is income (money in). (a) True (b) False
10. 10.True or false: “money from sales” is an expense (money out). (a) True (b) False
11. 11.📒 Income or expense: cash from selling plants? (a) expense (b) income
12. 12.Arjun’s income was ₹270 and the profit was ₹180. One expense was ₹10 (stall fee). How much was the other expense, for transport (in ₹)?
13. 13.Saanvi’s record for a rainy day:
    Income: ₹240 (sales)
    Expense: ₹180 (card paper)
    Expense: ₹80 (lemons)
    How much is the loss (in ₹)?
14. 14.Which of these is income (money in)? (a) paying the stall fee (b) tutoring fees received (c) buying lemons (d) printing posters
15. 15.📅 When is the best time to update your records? (a) whenever you like (b) the same day (c) never (d) once a year
16. 16.Vihaan’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹290 (posters)
    Expense: ₹70 (lemons)
    How much is the loss (in ₹)?
17. 17.📒 Why write down every sale and cost? (a) no reason (b) to fill a notebook (c) to know the real profit (d) to look busy
18. 18.Saanvi’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹360 (evening sales)
    Expense: ₹200 (ribbon)
    Expense: ₹150 (card paper)
    What is the profit (in ₹)?
19. 19.Tara’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹30 (lemons)
    Expense: ₹20 (sugar)
    What is the profit (in ₹)?
20. 20.Rohan’s stall took in ₹130 on Friday, ₹90 on Saturday and ₹280 on Sunday. What was the total income (in ₹)?
21. 21.Kavya’s stall took in ₹110 on Friday, ₹140 on Saturday and ₹370 on Sunday. What was the total income (in ₹)?
22. 22.📒 Income or expense: printing posters? (a) income (b) expense
23. 23.Gurpreet’s record for the day:
    Income: ₹380 (morning sales)
    Income: ₹70 (evening sales)
    Expense: ₹170 (lemons)
    Expense: ₹180 (transport)
    What is the profit (in ₹)?
24. 24.➖ Profit in your records = (a) just the income (b) expenses − income (c) income − expenses (d) income + expenses
25. 25.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
26. 26.📒 Income or expense: paying the stall fee? (a) income (b) expense
27. 27.Which of these is an expense (money out)? (a) cash from selling plants (b) printing posters (c) payment for a cake order (d) tutoring fees received
28. 28.Which of these is an expense (money out)? (a) cash from selling plants (b) buying lemons (c) payment for a cake order (d) money from sales
29. 29.📒 Income or expense: buying lemons? (a) expense (b) income
30. 30.Tara’s record for a rainy day:
    Income: ₹180 (sales)
    Expense: ₹50 (posters)
    Expense: ₹200 (stall fee)
    How much is the loss (in ₹)?
31. 31.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
32. 32.📒 Income or expense: payment for a cake order? (a) expense (b) income
33. 33.Kabir’s income was ₹330 and the profit was ₹200. One expense was ₹40 (sugar). How much was the other expense, for transport (in ₹)?
34. 34.Which of these is an expense (money out)? (a) bus fare to the market (b) money from sales (c) a card order paid (d) payment for a cake order
35. 35.True or false: “bus fare to the market” is income (money in). (a) False (b) True
36. 36.Farhan’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹170 (card paper)
    Expense: ₹30 (transport)
    How much is the loss (in ₹)?
37. 37.Which of these is income (money in)? (a) paying the stall fee (b) buying paper cups (c) a card order paid (d) buying lemons
38. 38.Which of these is income (money in)? (a) buying paper cups (b) buying lemons (c) money from sales (d) paying the stall fee
39. 39.📒 Income or expense: tutoring fees received? (a) expense (b) income
40. 40.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False

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