Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 185 · 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.📒 Why write down every sale and cost? (a) no reason (b) to know the real profit (c) to look busy (d) to fill a notebook
2. 2.📒 Income or expense: tutoring fees received? (a) expense (b) income
3. 3.True or false: “paying the stall fee” is income (money in). (a) False (b) True
4. 4.Lakshmi’s income was ₹490 and the profit was ₹400. One expense was ₹60 (lemons). How much was the other expense, for sugar (in ₹)?
5. 5.Farhan’s income was ₹350 and the profit was ₹320. One expense was ₹10 (posters). How much was the other expense, for transport (in ₹)?
6. 6.Nisha’s income was ₹150 and the profit was ₹60. One expense was ₹20 (card paper). How much was the other expense, for paper cups (in ₹)?
7. 7.Which of these is income (money in)? (a) buying lemons (b) tutoring fees received (c) bus fare to the market (d) buying paper cups
8. 8.True or false: “buying paper cups” is income (money in). (a) False (b) True
9. 9.Which of these is income (money in)? (a) paying the stall fee (b) bus fare to the market (c) buying lemons (d) a card order paid
10. 10.📒 Income or expense: printing posters? (a) expense (b) income
11. 11.Joseph’s record for the day:
    Income: ₹40 (morning sales)
    Income: ₹390 (evening sales)
    Expense: ₹160 (stall fee)
    Expense: ₹60 (ribbon)
    What is the profit (in ₹)?
12. 12.Which of these is income (money in)? (a) buying lemons (b) buying paper cups (c) payment for a cake order (d) bus fare to the market
13. 13.📒 Income or expense: payment for a cake order? (a) income (b) expense
14. 14.Vihaan’s record for the day:
    Income: ₹170 (morning sales)
    Income: ₹340 (evening sales)
    Expense: ₹150 (stall fee)
    Expense: ₹130 (lemons)
    What is the profit (in ₹)?
15. 15.Which of these is income (money in)? (a) buying paper cups (b) paying the stall fee (c) cash from selling plants (d) buying lemons
16. 16.Ananya’s income was ₹200 and the profit was ₹60. One expense was ₹70 (paper cups). How much was the other expense, for stall fee (in ₹)?
17. 17.📒 Income or expense: paying the stall fee? (a) expense (b) income
18. 18.Which of these is an expense (money out)? (a) buying lemons (b) money from sales (c) cash from selling plants (d) tutoring fees received
19. 19.📅 When is the best time to update your records? (a) whenever you like (b) the same day (c) never (d) once a year
20. 20.Meera’s income was ₹280 and the profit was ₹60. One expense was ₹110 (paper cups). How much was the other expense, for sugar (in ₹)?
21. 21.📒 Income or expense: buying lemons? (a) income (b) expense
22. 22.Lakshmi’s stall took in ₹290 on Friday, ₹370 on Saturday and ₹220 on Sunday. What was the total income (in ₹)?
23. 23.Rohan’s income was ₹170 and the profit was ₹100. One expense was ₹40 (paper cups). How much was the other expense, for posters (in ₹)?
24. 24.Which of these is an expense (money out)? (a) bus fare to the market (b) payment for a cake order (c) a card order paid (d) tutoring fees received
25. 25.Aarav’s income was ₹390 and the profit was ₹150. One expense was ₹110 (paper cups). How much was the other expense, for stall fee (in ₹)?
26. 26.Which of these is income (money in)? (a) bus fare to the market (b) buying lemons (c) money from sales (d) printing posters
27. 27.True or false: “buying lemons” is income (money in). (a) False (b) True
28. 28.📒 Income or expense: money from sales? (a) income (b) expense
29. 29.Vihaan’s record for the day:
    Income: ₹200 (morning sales)
    Income: ₹340 (evening sales)
    Expense: ₹160 (lemons)
    Expense: ₹120 (card paper)
    What is the profit (in ₹)?
30. 30.Gurpreet’s record for a rainy day:
    Income: ₹100 (sales)
    Expense: ₹10 (lemons)
    Expense: ₹100 (paper cups)
    How much is the loss (in ₹)?
31. 31.Which of these is an expense (money out)? (a) cash from selling plants (b) money from sales (c) buying paper cups (d) a card order paid
32. 32.Which of these is an expense (money out)? (a) paying the stall fee (b) money from sales (c) payment for a cake order (d) a card order paid
33. 33.Vihaan’s record for the day:
    Income: ₹190 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹160 (posters)
    Expense: ₹40 (stall fee)
    What is the profit (in ₹)?
34. 34.Vihaan’s record for a rainy day:
    Income: ₹150 (sales)
    Expense: ₹90 (transport)
    Expense: ₹90 (paper cups)
    How much is the loss (in ₹)?
35. 35.📒 Income or expense: buying paper cups? (a) expense (b) income
36. 36.True or false: “a card order paid” is income (money in). (a) True (b) False
37. 37.Aarav’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹310 (evening sales)
    Expense: ₹30 (paper cups)
    Expense: ₹130 (sugar)
    What is the profit (in ₹)?
38. 38.Kavya’s income was ₹200 and the profit was ₹180. One expense was ₹10 (ribbon). How much was the other expense, for sugar (in ₹)?
39. 39.Rohan’s income was ₹100 and the profit was ₹20. One expense was ₹50 (paper cups). How much was the other expense, for sugar (in ₹)?
40. 40.Aarav’s stall took in ₹220 on Friday, ₹140 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?

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