Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 242 · 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: “buying lemons” is income (money in). (a) False (b) True
2. 2.Gurpreet’s record for the day:
   Income: ₹80 (morning sales)
   Income: ₹210 (evening sales)
   Expense: ₹20 (lemons)
   Expense: ₹110 (posters)
   What is the profit (in ₹)?
3. 3.True or false: “a card order paid” is an expense (money out). (a) True (b) False
4. 4.📒 Income or expense: printing posters? (a) expense (b) income
5. 5.📅 When is the best time to update your records? (a) once a year (b) the same day (c) never (d) whenever you like
6. 6.Which of these is income (money in)? (a) money from sales (b) printing posters (c) paying the stall fee (d) buying lemons
7. 7.Which of these is an expense (money out)? (a) a card order paid (b) buying lemons (c) tutoring fees received (d) cash from selling plants
8. 8.📒 Income or expense: payment for a cake order? (a) expense (b) income
9. 9.📒 Income or expense: paying the stall fee? (a) expense (b) income
10. 10.Kabir’s record for the day:
    Income: ₹440 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹200 (paper cups)
    Expense: ₹130 (stall fee)
    What is the profit (in ₹)?
11. 11.Diya’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹410 (evening sales)
    Expense: ₹160 (lemons)
    Expense: ₹190 (posters)
    What is the profit (in ₹)?
12. 12.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
13. 13.📒 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
14. 14.Zoya’s stall took in ₹130 on Friday, ₹60 on Saturday and ₹370 on Sunday. What was the total income (in ₹)?
15. 15.Dev’s income was ₹300 and the profit was ₹210. One expense was ₹20 (ribbon). How much was the other expense, for transport (in ₹)?
16. 16.➖ Profit in your records = (a) expenses − income (b) income + expenses (c) income − expenses (d) just the income
17. 17.Rohan’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹40 (lemons)
    Expense: ₹200 (stall fee)
    How much is the loss (in ₹)?
18. 18.Farhan’s stall took in ₹130 on Friday, ₹120 on Saturday and ₹380 on Sunday. What was the total income (in ₹)?
19. 19.Which of these is an expense (money out)? (a) buying paper cups (b) payment for a cake order (c) tutoring fees received (d) cash from selling plants
20. 20.Aarav’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹110 (paper cups)
    Expense: ₹30 (sugar)
    How much is the loss (in ₹)?
21. 21.📒 Income or expense: tutoring fees received? (a) expense (b) income
22. 22.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
23. 23.Which of these is income (money in)? (a) printing posters (b) payment for a cake order (c) buying lemons (d) paying the stall fee
24. 24.Which of these is income (money in)? (a) a card order paid (b) printing posters (c) buying paper cups (d) bus fare to the market
25. 25.📒 Income or expense: buying paper cups? (a) income (b) expense
26. 26.Vihaan’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹220 (evening sales)
    Expense: ₹130 (paper cups)
    Expense: ₹140 (card paper)
    What is the profit (in ₹)?
27. 27.Kabir’s stall took in ₹210 on Friday, ₹190 on Saturday and ₹190 on Sunday. What was the total income (in ₹)?
28. 28.Dev’s record for the day:
    Income: ₹40 (morning sales)
    Income: ₹390 (evening sales)
    Expense: ₹140 (card paper)
    Expense: ₹170 (lemons)
    What is the profit (in ₹)?
29. 29.📒 Income or expense: bus fare to the market? (a) income (b) expense
30. 30.Farhan’s income was ₹200 and the profit was ₹110. One expense was ₹40 (card paper). How much was the other expense, for lemons (in ₹)?
31. 31.True or false: “payment for a cake order” is income (money in). (a) True (b) False
32. 32.Gurpreet’s stall took in ₹50 on Friday, ₹60 on Saturday and ₹120 on Sunday. What was the total income (in ₹)?
33. 33.Dev’s stall took in ₹160 on Friday, ₹230 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
34. 34.Gurpreet’s stall took in ₹210 on Friday, ₹130 on Saturday and ₹350 on Sunday. What was the total income (in ₹)?
35. 35.🧾 What should you keep after buying supplies? (a) only the bag (b) the bill or receipt (c) a selfie (d) nothing
36. 36.📒 Income or expense: buying lemons? (a) income (b) expense
37. 37.Which of these is income (money in)? (a) bus fare to the market (b) tutoring fees received (c) printing posters (d) paying the stall fee
38. 38.Riya’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹10 (lemons)
    Expense: ₹110 (stall fee)
    How much is the loss (in ₹)?
39. 39.Which of these is an expense (money out)? (a) payment for a cake order (b) printing posters (c) cash from selling plants (d) a card order paid
40. 40.Which of these is income (money in)? (a) buying paper cups (b) paying the stall fee (c) cash from selling plants (d) buying lemons

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