Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 253 · 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 an expense (money out)? (a) a card order paid (b) buying lemons (c) money from sales (d) tutoring fees received
2. 2.True or false: “buying lemons” is an expense (money out). (a) True (b) False
3. 3.📒 Income or expense: paying the stall fee? (a) income (b) expense
4. 4.Meera’s record for the day:
   Income: ₹300 (morning sales)
   Income: ₹210 (evening sales)
   Expense: ₹180 (lemons)
   Expense: ₹60 (card paper)
   What is the profit (in ₹)?
5. 5.Vihaan’s record for a rainy day:
   Income: ₹220 (sales)
   Expense: ₹200 (sugar)
   Expense: ₹30 (transport)
   How much is the loss (in ₹)?
6. 6.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
7. 7.📒 Income or expense: buying paper cups? (a) expense (b) income
8. 8.📒 Income or expense: a card order paid? (a) income (b) expense
9. 9.Farhan’s stall took in ₹80 on Friday, ₹220 on Saturday and ₹250 on Sunday. What was the total income (in ₹)?
10. 10.📒 Income or expense: cash from selling plants? (a) income (b) expense
11. 11.📒 Income or expense: bus fare to the market? (a) expense (b) income
12. 12.Which of these is an expense (money out)? (a) cash from selling plants (b) payment for a cake order (c) a card order paid (d) printing posters
13. 13.Arjun’s income was ₹360 and the profit was ₹340. One expense was ₹10 (ribbon). How much was the other expense, for paper cups (in ₹)?
14. 14.Tara’s income was ₹210 and the profit was ₹130. One expense was ₹20 (transport). How much was the other expense, for stall fee (in ₹)?
15. 15.Which of these is an expense (money out)? (a) payment for a cake order (b) tutoring fees received (c) a card order paid (d) buying paper cups
16. 16.📒 Income or expense: payment for a cake order? (a) expense (b) income
17. 17.Which of these is an expense (money out)? (a) cash from selling plants (b) tutoring fees received (c) paying the stall fee (d) payment for a cake order
18. 18.Dev’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹30 (posters)
    Expense: ₹40 (paper cups)
    What is the profit (in ₹)?
19. 19.📒 Why write down every sale and cost? (a) to fill a notebook (b) to look busy (c) to know the real profit (d) no reason
20. 20.Which of these is income (money in)? (a) bus fare to the market (b) paying the stall fee (c) payment for a cake order (d) buying lemons
21. 21.True or false: “payment for a cake order” is income (money in). (a) True (b) False
22. 22.📅 When is the best time to update your records? (a) never (b) once a year (c) whenever you like (d) the same day
23. 23.Which of these is income (money in)? (a) bus fare to the market (b) paying the stall fee (c) printing posters (d) tutoring fees received
24. 24.➖ Profit in your records = (a) just the income (b) income − expenses (c) income + expenses (d) expenses − income
25. 25.Tara’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹260 (evening sales)
    Expense: ₹180 (posters)
    Expense: ₹120 (card paper)
    What is the profit (in ₹)?
26. 26.True or false: “money from sales” is income (money in). (a) True (b) False
27. 27.Nisha’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹10 (card paper)
    Expense: ₹50 (sugar)
    How much is the loss (in ₹)?
28. 28.Meera’s record for a rainy day:
    Income: ₹160 (sales)
    Expense: ₹130 (transport)
    Expense: ₹50 (stall fee)
    How much is the loss (in ₹)?
29. 29.True or false: “bus fare to the market” is income (money in). (a) True (b) False
30. 30.Nisha’s record for the day:
    Income: ₹150 (morning sales)
    Income: ₹80 (evening sales)
    Expense: ₹40 (sugar)
    Expense: ₹130 (posters)
    What is the profit (in ₹)?
31. 31.Joseph’s income was ₹270 and the profit was ₹110. One expense was ₹30 (card paper). How much was the other expense, for lemons (in ₹)?
32. 32.Meera’s record for the day:
    Income: ₹400 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹170 (transport)
    Expense: ₹190 (posters)
    What is the profit (in ₹)?
33. 33.Rohan’s record for the day:
    Income: ₹280 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹160 (stall fee)
    Expense: ₹20 (sugar)
    What is the profit (in ₹)?
34. 34.Kavya’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹60 (card paper)
    Expense: ₹70 (ribbon)
    How much is the loss (in ₹)?
35. 35.Nisha’s stall took in ₹70 on Friday, ₹180 on Saturday and ₹50 on Sunday. What was the total income (in ₹)?
36. 36.Joseph’s record for the day:
    Income: ₹300 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹100 (posters)
    Expense: ₹200 (lemons)
    What is the profit (in ₹)?
37. 37.Arjun’s income was ₹160 and the profit was ₹70. One expense was ₹40 (stall fee). How much was the other expense, for ribbon (in ₹)?
38. 38.Lakshmi’s stall took in ₹240 on Friday, ₹270 on Saturday and ₹130 on Sunday. What was the total income (in ₹)?
39. 39.📒 Income or expense: printing posters? (a) expense (b) income
40. 40.📒 Income or expense: tutoring fees received? (a) expense (b) income

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