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Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 172 · 40 questions
TalentJR

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.

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  1. 1.📒 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
  2. 2.Rohan’s record for a rainy day:
    Income: ₹100 (sales)
    Expense: ₹70 (card paper)
    Expense: ₹90 (ribbon)
    How much is the loss (in ₹)?
  3. 3.📒 Income or expense: payment for a cake order? (a) income (b) expense
  4. 4.Lakshmi’s record for a rainy day:
    Income: ₹300 (sales)
    Expense: ₹40 (posters)
    Expense: ₹340 (paper cups)
    How much is the loss (in ₹)?
  5. 5.📒 Income or expense: buying lemons? (a) expense (b) income
  6. 6.Meera’s income was ₹180 and the profit was ₹60. One expense was ₹70 (ribbon). How much was the other expense, for posters (in ₹)?
  7. 7.Farhan’s stall took in ₹380 on Friday, ₹330 on Saturday and ₹130 on Sunday. What was the total income (in ₹)?
  8. 8.Gurpreet’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹20 (posters)
    Expense: ₹360 (sugar)
    How much is the loss (in ₹)?
  9. 9.📒 Income or expense: tutoring fees received? (a) income (b) expense
  10. 10.True or false: “paying the stall fee” is income (money in). (a) False (b) True
  11. 11.📒 Income or expense: money from sales? (a) income (b) expense
  12. 12.True or false: “payment for a cake order” is income (money in). (a) False (b) True
  13. 13.Saanvi’s stall took in ₹70 on Friday, ₹290 on Saturday and ₹360 on Sunday. What was the total income (in ₹)?
  14. 14.➖ Profit in your records = (a) income − expenses (b) income + expenses (c) expenses − income (d) just the income
  15. 15.📅 When is the best time to update your records? (a) whenever you like (b) never (c) once a year (d) the same day
  16. 16.Farhan’s income was ₹370 and the profit was ₹30. One expense was ₹140 (ribbon). How much was the other expense, for paper cups (in ₹)?
  17. 17.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
  18. 18.📒 Income or expense: cash from selling plants? (a) income (b) expense
  19. 19.Ananya’s stall took in ₹350 on Friday, ₹240 on Saturday and ₹220 on Sunday. What was the total income (in ₹)?
  20. 20.Riya’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹50 (sugar)
    Expense: ₹50 (ribbon)
    How much is the loss (in ₹)?
  21. 21.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
  22. 22.Farhan’s record for the day:
    Income: ₹230 (morning sales)
    Income: ₹410 (evening sales)
    Expense: ₹180 (transport)
    Expense: ₹160 (card paper)
    What is the profit (in ₹)?
  23. 23.Meera’s income was ₹270 and the profit was ₹20. One expense was ₹80 (lemons). How much was the other expense, for paper cups (in ₹)?
  24. 24.Diya’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹20 (lemons)
    Expense: ₹160 (ribbon)
    How much is the loss (in ₹)?
  25. 25.Kabir’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹60 (evening sales)
    Expense: ₹20 (stall fee)
    Expense: ₹100 (transport)
    What is the profit (in ₹)?
  26. 26.Zoya’s stall took in ₹90 on Friday, ₹120 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
  27. 27.Kabir’s income was ₹440 and the profit was ₹60. One expense was ₹40 (lemons). How much was the other expense, for transport (in ₹)?
  28. 28.True or false: “buying lemons” is income (money in). (a) False (b) True
  29. 29.Tara’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹80 (transport)
    Expense: ₹40 (card paper)
    What is the profit (in ₹)?
  30. 30.True or false: “buying lemons” is an expense (money out). (a) True (b) False
  31. 31.🧾 What should you keep after buying supplies? (a) a selfie (b) the bill or receipt (c) only the bag (d) nothing
  32. 32.Saanvi’s stall took in ₹120 on Friday, ₹150 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
  33. 33.Rohan’s record for a rainy day:
    Income: ₹240 (sales)
    Expense: ₹240 (lemons)
    Expense: ₹90 (card paper)
    How much is the loss (in ₹)?
  34. 34.📒 Income or expense: buying paper cups? (a) expense (b) income
  35. 35.Vihaan’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹150 (evening sales)
    Expense: ₹100 (lemons)
    Expense: ₹40 (posters)
    What is the profit (in ₹)?
  36. 36.Joseph’s income was ₹300 and the profit was ₹50. One expense was ₹60 (sugar). How much was the other expense, for card paper (in ₹)?
  37. 37.True or false: “buying paper cups” is income (money in). (a) True (b) False
  38. 38.True or false: “bus fare to the market” is income (money in). (a) False (b) True
  39. 39.Meera’s record for the day:
    Income: ₹290 (morning sales)
    Income: ₹100 (evening sales)
    Expense: ₹130 (lemons)
    Expense: ₹130 (transport)
    What is the profit (in ₹)?
  40. 40.Arjun’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹130 (ribbon)
    Expense: ₹30 (sugar)
    What is the profit (in ₹)?

Answer key

  1. to know the real profit
  2. 60
  3. income
  4. 80
  5. expense
  6. 50
  7. 840
  8. 90
  9. income
  10. False
  11. income
  12. True
  13. 720
  14. income − expenses
  15. the same day
  16. 200
  17. False
  18. income
  19. 810
  20. 30
  21. True
  22. 300
  23. 170
  24. 10
  25. 70
  26. 380
  27. 340
  28. False
  29. 10
  30. True
  31. the bill or receipt
  32. 360
  33. 90
  34. expense
  35. 90
  36. 190
  37. False
  38. False
  39. 130
  40. 70

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