Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 307 · 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.📅 When is the best time to update your records? (a) the same day (b) whenever you like (c) once a year (d) never
2. 2.Farhan’s income was ₹460 and the profit was ₹290. One expense was ₹50 (stall fee). How much was the other expense, for sugar (in ₹)?
3. 3.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) a selfie (c) only the bag (d) nothing
4. 4.True or false: “money from sales” is an expense (money out). (a) False (b) True
5. 5.Which of these is income (money in)? (a) buying paper cups (b) paying the stall fee (c) money from sales (d) bus fare to the market
6. 6.📒 Income or expense: payment for a cake order? (a) income (b) expense
7. 7.➖ Profit in your records = (a) income + expenses (b) just the income (c) expenses − income (d) income − expenses
8. 8.Riya’s record for the day:
   Income: ₹360 (morning sales)
   Income: ₹270 (evening sales)
   Expense: ₹180 (paper cups)
   Expense: ₹170 (sugar)
   What is the profit (in ₹)?
9. 9.Diya’s stall took in ₹160 on Friday, ₹110 on Saturday and ₹190 on Sunday. What was the total income (in ₹)?
10. 10.📒 Income or expense: tutoring fees received? (a) expense (b) income
11. 11.Ishaan’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹430 (evening sales)
    Expense: ₹60 (ribbon)
    Expense: ₹100 (card paper)
    What is the profit (in ₹)?
12. 12.Ananya’s record for the day:
    Income: ₹270 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹90 (sugar)
    Expense: ₹110 (lemons)
    What is the profit (in ₹)?
13. 13.Kabir’s stall took in ₹370 on Friday, ₹150 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?
14. 14.True or false: “buying lemons” is an expense (money out). (a) False (b) True
15. 15.Farhan’s stall took in ₹140 on Friday, ₹360 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
16. 16.Dev’s income was ₹420 and the profit was ₹60. One expense was ₹60 (posters). How much was the other expense, for stall fee (in ₹)?
17. 17.True or false: “a card order paid” is an expense (money out). (a) True (b) False
18. 18.True or false: “buying lemons” is income (money in). (a) True (b) False
19. 19.True or false: “tutoring fees received” is income (money in). (a) True (b) False
20. 20.Tara’s record for the day:
    Income: ₹340 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹200 (transport)
    Expense: ₹60 (posters)
    What is the profit (in ₹)?
21. 21.True or false: “money from sales” is income (money in). (a) True (b) False
22. 22.Farhan’s stall took in ₹320 on Friday, ₹230 on Saturday and ₹80 on Sunday. What was the total income (in ₹)?
23. 23.True or false: “cash from selling plants” is income (money in). (a) False (b) True
24. 24.📒 Income or expense: buying lemons? (a) income (b) expense
25. 25.📒 Income or expense: paying the stall fee? (a) expense (b) income
26. 26.Which of these is income (money in)? (a) buying lemons (b) buying paper cups (c) payment for a cake order (d) bus fare to the market
27. 27.📒 Why write down every sale and cost? (a) to know the real profit (b) no reason (c) to look busy (d) to fill a notebook
28. 28.Lakshmi’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹340 (evening sales)
    Expense: ₹200 (paper cups)
    Expense: ₹180 (posters)
    What is the profit (in ₹)?
29. 29.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
30. 30.Diya’s stall took in ₹220 on Friday, ₹190 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
31. 31.Dev’s income was ₹250 and the profit was ₹60. One expense was ₹170 (stall fee). How much was the other expense, for posters (in ₹)?
32. 32.Aarav’s record for the day:
    Income: ₹200 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹110 (paper cups)
    Expense: ₹190 (ribbon)
    What is the profit (in ₹)?
33. 33.📒 Income or expense: cash from selling plants? (a) income (b) expense
34. 34.Lakshmi’s stall took in ₹330 on Friday, ₹270 on Saturday and ₹270 on Sunday. What was the total income (in ₹)?
35. 35.Which of these is an expense (money out)? (a) payment for a cake order (b) a card order paid (c) paying the stall fee (d) tutoring fees received
36. 36.📒 Income or expense: a card order paid? (a) income (b) expense
37. 37.True or false: “a card order paid” is income (money in). (a) False (b) True
38. 38.Aarav’s record for the day:
    Income: ₹170 (morning sales)
    Income: ₹230 (evening sales)
    Expense: ₹30 (paper cups)
    Expense: ₹160 (ribbon)
    What is the profit (in ₹)?
39. 39.Diya’s record for the day:
    Income: ₹250 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹30 (paper cups)
    Expense: ₹150 (transport)
    What is the profit (in ₹)?
40. 40.Saanvi’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹200 (evening sales)
    Expense: ₹60 (lemons)
    Expense: ₹50 (ribbon)
    What is the profit (in ₹)?

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