Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 316 · 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.📒 Income or expense: money from sales? (a) income (b) expense
2. 2.📒 Income or expense: buying lemons? (a) expense (b) income
3. 3.Which of these is income (money in)? (a) paying the stall fee (b) bus fare to the market (c) buying paper cups (d) tutoring fees received
4. 4.True or false: “payment for a cake order” is income (money in). (a) True (b) False
5. 5.Lakshmi’s stall took in ₹100 on Friday, ₹60 on Saturday and ₹120 on Sunday. What was the total income (in ₹)?
6. 6.Nisha’s record for the day:
   Income: ₹50 (morning sales)
   Income: ₹290 (evening sales)
   Expense: ₹150 (card paper)
   Expense: ₹40 (lemons)
   What is the profit (in ₹)?
7. 7.Which of these is an expense (money out)? (a) tutoring fees received (b) money from sales (c) buying lemons (d) payment for a cake order
8. 8.Which of these is income (money in)? (a) buying paper cups (b) paying the stall fee (c) printing posters (d) a card order paid
9. 9.Farhan’s stall took in ₹50 on Friday, ₹330 on Saturday and ₹310 on Sunday. What was the total income (in ₹)?
10. 10.📒 Why write down every sale and cost? (a) no reason (b) to know the real profit (c) to fill a notebook (d) to look busy
11. 11.🧾 What should you keep after buying supplies? (a) a selfie (b) nothing (c) the bill or receipt (d) only the bag
12. 12.📒 Income or expense: buying paper cups? (a) expense (b) income
13. 13.True or false: “printing posters” is an expense (money out). (a) True (b) False
14. 14.📅 When is the best time to update your records? (a) never (b) whenever you like (c) once a year (d) the same day
15. 15.Dev’s record for a rainy day:
    Income: ₹250 (sales)
    Expense: ₹110 (ribbon)
    Expense: ₹200 (transport)
    How much is the loss (in ₹)?
16. 16.Dev’s stall took in ₹360 on Friday, ₹380 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
17. 17.Nisha’s income was ₹190 and the profit was ₹10. One expense was ₹20 (paper cups). How much was the other expense, for card paper (in ₹)?
18. 18.Lakshmi’s record for a rainy day:
    Income: ₹100 (sales)
    Expense: ₹20 (transport)
    Expense: ₹110 (ribbon)
    How much is the loss (in ₹)?
19. 19.📒 Income or expense: printing posters? (a) income (b) expense
20. 20.Dev’s stall took in ₹330 on Friday, ₹160 on Saturday and ₹400 on Sunday. What was the total income (in ₹)?
21. 21.Saanvi’s stall took in ₹150 on Friday, ₹80 on Saturday and ₹110 on Sunday. What was the total income (in ₹)?
22. 22.True or false: “buying lemons” is income (money in). (a) False (b) True
23. 23.📒 Income or expense: paying the stall fee? (a) expense (b) income
24. 24.Ishaan’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹70 (posters)
    Expense: ₹60 (card paper)
    What is the profit (in ₹)?
25. 25.Tara’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹350 (evening sales)
    Expense: ₹80 (sugar)
    Expense: ₹120 (paper cups)
    What is the profit (in ₹)?
26. 26.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
27. 27.Lakshmi’s record for a rainy day:
    Income: ₹140 (sales)
    Expense: ₹140 (card paper)
    Expense: ₹10 (stall fee)
    How much is the loss (in ₹)?
28. 28.Lakshmi’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹360 (lemons)
    Expense: ₹20 (ribbon)
    How much is the loss (in ₹)?
29. 29.Ishaan’s record for a rainy day:
    Income: ₹130 (sales)
    Expense: ₹30 (sugar)
    Expense: ₹150 (paper cups)
    How much is the loss (in ₹)?
30. 30.Which of these is an expense (money out)? (a) cash from selling plants (b) a card order paid (c) paying the stall fee (d) money from sales
31. 31.Which of these is an expense (money out)? (a) buying paper cups (b) payment for a cake order (c) money from sales (d) a card order paid
32. 32.Zoya’s record for the day:
    Income: ₹380 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹160 (card paper)
    Expense: ₹70 (lemons)
    What is the profit (in ₹)?
33. 33.➖ Profit in your records = (a) expenses − income (b) income + expenses (c) just the income (d) income − expenses
34. 34.Kabir’s stall took in ₹80 on Friday, ₹270 on Saturday and ₹160 on Sunday. What was the total income (in ₹)?
35. 35.Meera’s record for a rainy day:
    Income: ₹80 (sales)
    Expense: ₹60 (ribbon)
    Expense: ₹100 (transport)
    How much is the loss (in ₹)?
36. 36.📒 Income or expense: bus fare to the market? (a) income (b) expense
37. 37.📒 Income or expense: a card order paid? (a) income (b) expense
38. 38.Which of these is income (money in)? (a) bus fare to the market (b) buying lemons (c) buying paper cups (d) payment for a cake order
39. 39.True or false: “cash from selling plants” is income (money in). (a) True (b) False
40. 40.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False

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