Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 265 · 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) payment for a cake order
2. 2.Joseph’s record for the day:
   Income: ₹450 (morning sales)
   Income: ₹110 (evening sales)
   Expense: ₹190 (ribbon)
   Expense: ₹140 (stall fee)
   What is the profit (in ₹)?
3. 3.True or false: “buying paper cups” is income (money in). (a) True (b) False
4. 4.Rohan’s stall took in ₹300 on Friday, ₹310 on Saturday and ₹70 on Sunday. What was the total income (in ₹)?
5. 5.Which of these is an expense (money out)? (a) money from sales (b) buying lemons (c) payment for a cake order (d) a card order paid
6. 6.Aarav’s income was ₹160 and the profit was ₹80. One expense was ₹10 (card paper). How much was the other expense, for transport (in ₹)?
7. 7.📒 Why write down every sale and cost? (a) to know the real profit (b) to fill a notebook (c) to look busy (d) no reason
8. 8.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
9. 9.Gurpreet’s record for the day:
   Income: ₹330 (morning sales)
   Income: ₹190 (evening sales)
   Expense: ₹130 (posters)
   Expense: ₹180 (stall fee)
   What is the profit (in ₹)?
10. 10.Which of these is income (money in)? (a) printing posters (b) tutoring fees received (c) bus fare to the market (d) buying paper cups
11. 11.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
12. 12.Ishaan’s record for a rainy day:
    Income: ₹180 (sales)
    Expense: ₹120 (lemons)
    Expense: ₹120 (stall fee)
    How much is the loss (in ₹)?
13. 13.Vihaan’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹370 (evening sales)
    Expense: ₹110 (posters)
    Expense: ₹180 (transport)
    What is the profit (in ₹)?
14. 14.Kabir’s income was ₹200 and the profit was ₹180. One expense was ₹10 (lemons). How much was the other expense, for paper cups (in ₹)?
15. 15.Nisha’s stall took in ₹170 on Friday, ₹360 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
16. 16.Joseph’s record for the day:
    Income: ₹150 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹90 (paper cups)
    Expense: ₹50 (ribbon)
    What is the profit (in ₹)?
17. 17.🧾 What should you keep after buying supplies? (a) nothing (b) the bill or receipt (c) only the bag (d) a selfie
18. 18.True or false: “a card order paid” is an expense (money out). (a) False (b) True
19. 19.True or false: “bus fare to the market” is income (money in). (a) False (b) True
20. 20.📒 Income or expense: tutoring fees received? (a) expense (b) income
21. 21.True or false: “printing posters” is an expense (money out). (a) True (b) False
22. 22.Arjun’s stall took in ₹100 on Friday, ₹300 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
23. 23.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
24. 24.📅 When is the best time to update your records? (a) never (b) the same day (c) once a year (d) whenever you like
25. 25.Which of these is an expense (money out)? (a) tutoring fees received (b) cash from selling plants (c) payment for a cake order (d) bus fare to the market
26. 26.True or false: “tutoring fees received” is income (money in). (a) False (b) True
27. 27.Vihaan’s stall took in ₹260 on Friday, ₹350 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
28. 28.➖ Profit in your records = (a) just the income (b) expenses − income (c) income − expenses (d) income + expenses
29. 29.Rohan’s stall took in ₹320 on Friday, ₹290 on Saturday and ₹190 on Sunday. What was the total income (in ₹)?
30. 30.Kabir’s record for a rainy day:
    Income: ₹280 (sales)
    Expense: ₹50 (paper cups)
    Expense: ₹300 (ribbon)
    How much is the loss (in ₹)?
31. 31.Kavya’s stall took in ₹160 on Friday, ₹210 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
32. 32.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
33. 33.Which of these is income (money in)? (a) buying paper cups (b) a card order paid (c) buying lemons (d) paying the stall fee
34. 34.Which of these is income (money in)? (a) cash from selling plants (b) buying lemons (c) paying the stall fee (d) buying paper cups
35. 35.Which of these is an expense (money out)? (a) printing posters (b) tutoring fees received (c) payment for a cake order (d) a card order paid
36. 36.📒 Income or expense: bus fare to the market? (a) income (b) expense
37. 37.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
38. 38.True or false: “money from sales” is an expense (money out). (a) False (b) True
39. 39.Meera’s income was ₹120 and the profit was ₹80. One expense was ₹20 (lemons). How much was the other expense, for ribbon (in ₹)?
40. 40.📒 Income or expense: payment for a cake order? (a) expense (b) income

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