Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 291 · 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) payment for a cake order (b) cash from selling plants (c) a card order paid (d) paying the stall fee
2. 2.📒 Income or expense: payment for a cake order? (a) expense (b) income
3. 3.Lakshmi’s record for a rainy day:
   Income: ₹130 (sales)
   Expense: ₹110 (card paper)
   Expense: ₹80 (transport)
   How much is the loss (in ₹)?
4. 4.Farhan’s income was ₹420 and the profit was ₹110. One expense was ₹60 (posters). How much was the other expense, for paper cups (in ₹)?
5. 5.📒 Income or expense: cash from selling plants? (a) expense (b) income
6. 6.📒 Income or expense: buying paper cups? (a) income (b) expense
7. 7.Which of these is income (money in)? (a) buying lemons (b) bus fare to the market (c) tutoring fees received (d) buying paper cups
8. 8.📒 Income or expense: a card order paid? (a) income (b) expense
9. 9.Gurpreet’s record for a rainy day:
   Income: ₹200 (sales)
   Expense: ₹220 (paper cups)
   Expense: ₹20 (ribbon)
   How much is the loss (in ₹)?
10. 10.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
11. 11.📒 Why write down every sale and cost? (a) to fill a notebook (b) no reason (c) to look busy (d) to know the real profit
12. 12.📒 Income or expense: bus fare to the market? (a) expense (b) income
13. 13.True or false: “buying lemons” is income (money in). (a) True (b) False
14. 14.Aarav’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹120 (card paper)
    Expense: ₹50 (paper cups)
    How much is the loss (in ₹)?
15. 15.Vihaan’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹60 (posters)
    Expense: ₹310 (paper cups)
    How much is the loss (in ₹)?
16. 16.Ananya’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹240 (paper cups)
    Expense: ₹30 (ribbon)
    How much is the loss (in ₹)?
17. 17.📒 Income or expense: tutoring fees received? (a) expense (b) income
18. 18.Meera’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹150 (card paper)
    Expense: ₹140 (transport)
    How much is the loss (in ₹)?
19. 19.Ishaan’s stall took in ₹190 on Friday, ₹230 on Saturday and ₹120 on Sunday. What was the total income (in ₹)?
20. 20.Farhan’s record for a rainy day:
    Income: ₹300 (sales)
    Expense: ₹170 (card paper)
    Expense: ₹140 (posters)
    How much is the loss (in ₹)?
21. 21.Which of these is income (money in)? (a) cash from selling plants (b) buying paper cups (c) buying lemons (d) paying the stall fee
22. 22.True or false: “printing posters” is an expense (money out). (a) False (b) True
23. 23.Which of these is income (money in)? (a) bus fare to the market (b) paying the stall fee (c) printing posters (d) payment for a cake order
24. 24.Which of these is income (money in)? (a) buying paper cups (b) printing posters (c) bus fare to the market (d) money from sales
25. 25.True or false: “payment for a cake order” is income (money in). (a) True (b) False
26. 26.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
27. 27.Which of these is an expense (money out)? (a) buying paper cups (b) cash from selling plants (c) tutoring fees received (d) money from sales
28. 28.True or false: “cash from selling plants” is income (money in). (a) False (b) True
29. 29.Aarav’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹20 (posters)
    Expense: ₹230 (paper cups)
    How much is the loss (in ₹)?
30. 30.Kabir’s stall took in ₹290 on Friday, ₹270 on Saturday and ₹260 on Sunday. What was the total income (in ₹)?
31. 31.➖ Profit in your records = (a) just the income (b) expenses − income (c) income − expenses (d) income + expenses
32. 32.Aarav’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹220 (stall fee)
    Expense: ₹40 (lemons)
    How much is the loss (in ₹)?
33. 33.📒 Income or expense: printing posters? (a) income (b) expense
34. 34.Diya’s record for the day:
    Income: ₹140 (morning sales)
    Income: ₹330 (evening sales)
    Expense: ₹130 (sugar)
    Expense: ₹50 (lemons)
    What is the profit (in ₹)?
35. 35.Which of these is an expense (money out)? (a) cash from selling plants (b) payment for a cake order (c) bus fare to the market (d) tutoring fees received
36. 36.Saanvi’s income was ₹230 and the profit was ₹120. One expense was ₹10 (transport). How much was the other expense, for lemons (in ₹)?
37. 37.📅 When is the best time to update your records? (a) once a year (b) the same day (c) whenever you like (d) never
38. 38.Diya’s record for a rainy day:
    Income: ₹280 (sales)
    Expense: ₹190 (sugar)
    Expense: ₹100 (paper cups)
    How much is the loss (in ₹)?
39. 39.Diya’s record for the day:
    Income: ₹140 (morning sales)
    Income: ₹360 (evening sales)
    Expense: ₹40 (ribbon)
    Expense: ₹190 (card paper)
    What is the profit (in ₹)?
40. 40.Diya’s stall took in ₹170 on Friday, ₹200 on Saturday and ₹80 on Sunday. What was the total income (in ₹)?

Free entrepreneurship lessons, practice and worksheets at talentjr.in/entrepreneurship-for-kids