Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 321 · 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: “buying lemons” is income (money in). (a) True (b) False
2. 2.Farhan’s income was ₹320 and the profit was ₹230. One expense was ₹70 (transport). How much was the other expense, for lemons (in ₹)?
3. 3.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
4. 4.📅 When is the best time to update your records? (a) whenever you like (b) never (c) once a year (d) the same day
5. 5.Lakshmi’s record for the day:
   Income: ₹40 (morning sales)
   Income: ₹190 (evening sales)
   Expense: ₹150 (lemons)
   Expense: ₹70 (sugar)
   What is the profit (in ₹)?
6. 6.Which of these is income (money in)? (a) bus fare to the market (b) paying the stall fee (c) buying paper cups (d) a card order paid
7. 7.📒 Income or expense: payment for a cake order? (a) expense (b) income
8. 8.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) a selfie (c) only the bag (d) nothing
9. 9.Kabir’s stall took in ₹310 on Friday, ₹170 on Saturday and ₹100 on Sunday. What was the total income (in ₹)?
10. 10.Ananya’s stall took in ₹140 on Friday, ₹90 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
11. 11.Ishaan’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹80 (transport)
    Expense: ₹10 (sugar)
    How much is the loss (in ₹)?
12. 12.Meera’s income was ₹300 and the profit was ₹210. One expense was ₹70 (sugar). How much was the other expense, for card paper (in ₹)?
13. 13.Aarav’s income was ₹480 and the profit was ₹240. One expense was ₹50 (paper cups). How much was the other expense, for lemons (in ₹)?
14. 14.Kavya’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹140 (sugar)
    Expense: ₹20 (posters)
    How much is the loss (in ₹)?
15. 15.Joseph’s income was ₹230 and the profit was ₹20. One expense was ₹50 (stall fee). How much was the other expense, for posters (in ₹)?
16. 16.True or false: “printing posters” is income (money in). (a) True (b) False
17. 17.True or false: “money from sales” is an expense (money out). (a) True (b) False
18. 18.📒 Why write down every sale and cost? (a) to look busy (b) to know the real profit (c) to fill a notebook (d) no reason
19. 19.Zoya’s record for the day:
    Income: ₹350 (morning sales)
    Income: ₹110 (evening sales)
    Expense: ₹130 (transport)
    Expense: ₹140 (posters)
    What is the profit (in ₹)?
20. 20.Arjun’s income was ₹250 and the profit was ₹80. One expense was ₹160 (transport). How much was the other expense, for paper cups (in ₹)?
21. 21.📒 Income or expense: paying the stall fee? (a) expense (b) income
22. 22.Which of these is an expense (money out)? (a) cash from selling plants (b) payment for a cake order (c) paying the stall fee (d) money from sales
23. 23.True or false: “a card order paid” is an expense (money out). (a) False (b) True
24. 24.📒 Income or expense: buying paper cups? (a) expense (b) income
25. 25.Joseph’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹10 (lemons)
    Expense: ₹200 (posters)
    How much is the loss (in ₹)?
26. 26.Which of these is income (money in)? (a) paying the stall fee (b) buying lemons (c) payment for a cake order (d) bus fare to the market
27. 27.Diya’s stall took in ₹290 on Friday, ₹120 on Saturday and ₹230 on Sunday. What was the total income (in ₹)?
28. 28.Riya’s record for the day:
    Income: ₹250 (morning sales)
    Income: ₹230 (evening sales)
    Expense: ₹140 (posters)
    Expense: ₹40 (card paper)
    What is the profit (in ₹)?
29. 29.Riya’s stall took in ₹80 on Friday, ₹90 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
30. 30.Which of these is income (money in)? (a) printing posters (b) paying the stall fee (c) money from sales (d) buying lemons
31. 31.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
32. 32.📒 Income or expense: bus fare to the market? (a) expense (b) income
33. 33.Aarav’s record for the day:
    Income: ₹230 (morning sales)
    Income: ₹210 (evening sales)
    Expense: ₹40 (stall fee)
    Expense: ₹100 (posters)
    What is the profit (in ₹)?
34. 34.Kabir’s record for the day:
    Income: ₹240 (morning sales)
    Income: ₹240 (evening sales)
    Expense: ₹200 (card paper)
    Expense: ₹90 (lemons)
    What is the profit (in ₹)?
35. 35.Ananya’s income was ₹490 and the profit was ₹170. One expense was ₹300 (ribbon). How much was the other expense, for sugar (in ₹)?
36. 36.Meera’s stall took in ₹360 on Friday, ₹260 on Saturday and ₹390 on Sunday. What was the total income (in ₹)?
37. 37.➖ Profit in your records = (a) income + expenses (b) expenses − income (c) income − expenses (d) just the income
38. 38.Kavya’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹180 (evening sales)
    Expense: ₹20 (sugar)
    Expense: ₹40 (paper cups)
    What is the profit (in ₹)?
39. 39.True or false: “paying the stall fee” is income (money in). (a) True (b) False
40. 40.📒 Income or expense: buying lemons? (a) income (b) expense

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