Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 236 · 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.Which of these is income (money in)? (a) printing posters (b) buying paper cups (c) paying the stall fee (d) money from sales
2. 2.Which of these is an expense (money out)? (a) a card order paid (b) buying paper cups (c) cash from selling plants (d) tutoring fees received
3. 3.True or false: “a card order paid” is income (money in). (a) True (b) False
4. 4.📒 Income or expense: bus fare to the market? (a) expense (b) income
5. 5.📒 Income or expense: buying paper cups? (a) expense (b) income
6. 6.Rohan’s record for the day:
   Income: ₹30 (morning sales)
   Income: ₹240 (evening sales)
   Expense: ₹100 (stall fee)
   Expense: ₹60 (ribbon)
   What is the profit (in ₹)?
7. 7.Aarav’s record for the day:
   Income: ₹170 (morning sales)
   Income: ₹130 (evening sales)
   Expense: ₹170 (card paper)
   Expense: ₹20 (ribbon)
   What is the profit (in ₹)?
8. 8.Kavya’s record for the day:
   Income: ₹70 (morning sales)
   Income: ₹110 (evening sales)
   Expense: ₹20 (posters)
   Expense: ₹110 (sugar)
   What is the profit (in ₹)?
9. 9.📒 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
10. 10.Which of these is an expense (money out)? (a) money from sales (b) payment for a cake order (c) cash from selling plants (d) paying the stall fee
11. 11.Dev’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹110 (ribbon)
    Expense: ₹250 (sugar)
    How much is the loss (in ₹)?
12. 12.➖ Profit in your records = (a) expenses − income (b) just the income (c) income + expenses (d) income − expenses
13. 13.True or false: “buying lemons” is income (money in). (a) False (b) True
14. 14.Gurpreet’s income was ₹410 and the profit was ₹310. One expense was ₹90 (stall fee). How much was the other expense, for lemons (in ₹)?
15. 15.Gurpreet’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹80 (posters)
    Expense: ₹150 (sugar)
    How much is the loss (in ₹)?
16. 16.📒 Income or expense: payment for a cake order? (a) expense (b) income
17. 17.True or false: “paying the stall fee” is income (money in). (a) True (b) False
18. 18.📒 Income or expense: printing posters? (a) income (b) expense
19. 19.Farhan’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹20 (lemons)
    Expense: ₹110 (ribbon)
    How much is the loss (in ₹)?
20. 20.📅 When is the best time to update your records? (a) never (b) once a year (c) the same day (d) whenever you like
21. 21.Saanvi’s stall took in ₹280 on Friday, ₹380 on Saturday and ₹110 on Sunday. What was the total income (in ₹)?
22. 22.Which of these is an expense (money out)? (a) money from sales (b) a card order paid (c) bus fare to the market (d) payment for a cake order
23. 23.Nisha’s record for a rainy day:
    Income: ₹250 (sales)
    Expense: ₹220 (posters)
    Expense: ₹90 (paper cups)
    How much is the loss (in ₹)?
24. 24.Vihaan’s stall took in ₹350 on Friday, ₹320 on Saturday and ₹250 on Sunday. What was the total income (in ₹)?
25. 25.Riya’s stall took in ₹150 on Friday, ₹310 on Saturday and ₹50 on Sunday. What was the total income (in ₹)?
26. 26.📒 Income or expense: cash from selling plants? (a) income (b) expense
27. 27.Rohan’s stall took in ₹400 on Friday, ₹350 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
28. 28.Diya’s stall took in ₹270 on Friday, ₹70 on Saturday and ₹70 on Sunday. What was the total income (in ₹)?
29. 29.📒 Income or expense: tutoring fees received? (a) income (b) expense
30. 30.Kavya’s record for a rainy day:
    Income: ₹160 (sales)
    Expense: ₹120 (transport)
    Expense: ₹80 (sugar)
    How much is the loss (in ₹)?
31. 31.Riya’s income was ₹290 and the profit was ₹220. One expense was ₹50 (ribbon). How much was the other expense, for lemons (in ₹)?
32. 32.True or false: “buying lemons” is an expense (money out). (a) False (b) True
33. 33.Ishaan’s record for a rainy day:
    Income: ₹230 (sales)
    Expense: ₹10 (lemons)
    Expense: ₹320 (ribbon)
    How much is the loss (in ₹)?
34. 34.Arjun’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹90 (evening sales)
    Expense: ₹80 (sugar)
    Expense: ₹30 (posters)
    What is the profit (in ₹)?
35. 35.Which of these is income (money in)? (a) buying paper cups (b) paying the stall fee (c) a card order paid (d) buying lemons
36. 36.Ishaan’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹30 (lemons)
    Expense: ₹120 (sugar)
    How much is the loss (in ₹)?
37. 37.Kabir’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹20 (ribbon)
    Expense: ₹100 (card paper)
    How much is the loss (in ₹)?
38. 38.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
39. 39.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
40. 40.Arjun’s record for a rainy day:
    Income: ₹100 (sales)
    Expense: ₹140 (ribbon)
    Expense: ₹50 (lemons)
    How much is the loss (in ₹)?

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