Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 299 · 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: “money from sales” is an expense (money out). (a) True (b) False
2. 2.Aarav’s record for the day:
   Income: ₹270 (morning sales)
   Income: ₹50 (evening sales)
   Expense: ₹40 (transport)
   Expense: ₹200 (ribbon)
   What is the profit (in ₹)?
3. 3.📒 Income or expense: bus fare to the market? (a) income (b) expense
4. 4.Vihaan’s record for a rainy day:
   Income: ₹200 (sales)
   Expense: ₹180 (ribbon)
   Expense: ₹100 (lemons)
   How much is the loss (in ₹)?
5. 5.Ananya’s record for a rainy day:
   Income: ₹110 (sales)
   Expense: ₹110 (stall fee)
   Expense: ₹80 (posters)
   How much is the loss (in ₹)?
6. 6.📒 Income or expense: tutoring fees received? (a) income (b) expense
7. 7.Meera’s record for a rainy day:
   Income: ₹200 (sales)
   Expense: ₹80 (ribbon)
   Expense: ₹160 (sugar)
   How much is the loss (in ₹)?
8. 8.📒 Income or expense: paying the stall fee? (a) expense (b) income
9. 9.Which of these is an expense (money out)? (a) a card order paid (b) payment for a cake order (c) money from sales (d) buying paper cups
10. 10.Ishaan’s record for a rainy day:
    Income: ₹210 (sales)
    Expense: ₹50 (paper cups)
    Expense: ₹180 (stall fee)
    How much is the loss (in ₹)?
11. 11.Riya’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹40 (ribbon)
    Expense: ₹130 (transport)
    How much is the loss (in ₹)?
12. 12.Nisha’s record for the day:
    Income: ₹40 (morning sales)
    Income: ₹310 (evening sales)
    Expense: ₹170 (sugar)
    Expense: ₹40 (paper cups)
    What is the profit (in ₹)?
13. 13.📅 When is the best time to update your records? (a) never (b) the same day (c) once a year (d) whenever you like
14. 14.Which of these is income (money in)? (a) money from sales (b) buying paper cups (c) paying the stall fee (d) buying lemons
15. 15.Which of these is an expense (money out)? (a) printing posters (b) tutoring fees received (c) money from sales (d) cash from selling plants
16. 16.True or false: “payment for a cake order” is income (money in). (a) False (b) True
17. 17.📒 Why write down every sale and cost? (a) to look busy (b) to fill a notebook (c) no reason (d) to know the real profit
18. 18.Which of these is income (money in)? (a) paying the stall fee (b) tutoring fees received (c) buying paper cups (d) printing posters
19. 19.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
20. 20.📒 Income or expense: buying paper cups? (a) expense (b) income
21. 21.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
22. 22.Lakshmi’s income was ₹190 and the profit was ₹140. One expense was ₹10 (lemons). How much was the other expense, for sugar (in ₹)?
23. 23.➖ Profit in your records = (a) expenses − income (b) income + expenses (c) just the income (d) income − expenses
24. 24.Farhan’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹130 (ribbon)
    Expense: ₹130 (transport)
    How much is the loss (in ₹)?
25. 25.True or false: “a card order paid” is an expense (money out). (a) True (b) False
26. 26.Arjun’s income was ₹260 and the profit was ₹130. One expense was ₹10 (paper cups). How much was the other expense, for stall fee (in ₹)?
27. 27.Which of these is income (money in)? (a) buying paper cups (b) bus fare to the market (c) cash from selling plants (d) printing posters
28. 28.True or false: “cash from selling plants” is income (money in). (a) True (b) False
29. 29.Which of these is an expense (money out)? (a) money from sales (b) bus fare to the market (c) payment for a cake order (d) a card order paid
30. 30.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
31. 31.True or false: “buying paper cups” is income (money in). (a) True (b) False
32. 32.Which of these is income (money in)? (a) bus fare to the market (b) printing posters (c) a card order paid (d) paying the stall fee
33. 33.Ishaan’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹160 (stall fee)
    Expense: ₹70 (lemons)
    How much is the loss (in ₹)?
34. 34.True or false: “bus fare to the market” is income (money in). (a) False (b) True
35. 35.Vihaan’s stall took in ₹190 on Friday, ₹270 on Saturday and ₹370 on Sunday. What was the total income (in ₹)?
36. 36.Which of these is income (money in)? (a) bus fare to the market (b) paying the stall fee (c) buying paper cups (d) payment for a cake order
37. 37.📒 Income or expense: cash from selling plants? (a) expense (b) income
38. 38.True or false: “buying lemons” is income (money in). (a) False (b) True
39. 39.📒 Income or expense: buying lemons? (a) expense (b) income
40. 40.📒 Income or expense: payment for a cake order? (a) expense (b) income

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