Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 327 · 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) never (b) the same day (c) whenever you like (d) once a year
2. 2.Which of these is an expense (money out)? (a) a card order paid (b) money from sales (c) tutoring fees received (d) printing posters
3. 3.True or false: “buying paper cups” is an expense (money out). (a) True (b) False
4. 4.Kabir’s stall took in ₹290 on Friday, ₹400 on Saturday and ₹120 on Sunday. What was the total income (in ₹)?
5. 5.Zoya’s record for a rainy day:
   Income: ₹130 (sales)
   Expense: ₹30 (lemons)
   Expense: ₹130 (ribbon)
   How much is the loss (in ₹)?
6. 6.Which of these is income (money in)? (a) printing posters (b) bus fare to the market (c) paying the stall fee (d) cash from selling plants
7. 7.📒 Income or expense: paying the stall fee? (a) expense (b) income
8. 8.📒 Why write down every sale and cost? (a) to know the real profit (b) to fill a notebook (c) no reason (d) to look busy
9. 9.Meera’s record for the day:
   Income: ₹280 (morning sales)
   Income: ₹160 (evening sales)
   Expense: ₹190 (sugar)
   Expense: ₹140 (stall fee)
   What is the profit (in ₹)?
10. 10.Dev’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹330 (evening sales)
    Expense: ₹190 (lemons)
    Expense: ₹150 (stall fee)
    What is the profit (in ₹)?
11. 11.True or false: “a card order paid” is income (money in). (a) False (b) True
12. 12.True or false: “a card order paid” is an expense (money out). (a) True (b) False
13. 13.Which of these is income (money in)? (a) buying paper cups (b) printing posters (c) bus fare to the market (d) payment for a cake order
14. 14.Which of these is an expense (money out)? (a) a card order paid (b) paying the stall fee (c) payment for a cake order (d) tutoring fees received
15. 15.Meera’s income was ₹500 and the profit was ₹440. One expense was ₹20 (sugar). How much was the other expense, for card paper (in ₹)?
16. 16.📒 Income or expense: a card order paid? (a) expense (b) income
17. 17.Ishaan’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹470 (evening sales)
    Expense: ₹140 (lemons)
    Expense: ₹80 (card paper)
    What is the profit (in ₹)?
18. 18.📒 Income or expense: tutoring fees received? (a) income (b) expense
19. 19.Joseph’s stall took in ₹60 on Friday, ₹140 on Saturday and ₹370 on Sunday. What was the total income (in ₹)?
20. 20.➖ Profit in your records = (a) just the income (b) income − expenses (c) expenses − income (d) income + expenses
21. 21.📒 Income or expense: cash from selling plants? (a) expense (b) income
22. 22.📒 Income or expense: payment for a cake order? (a) expense (b) income
23. 23.Gurpreet’s record for the day:
    Income: ₹180 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹130 (lemons)
    Expense: ₹50 (posters)
    What is the profit (in ₹)?
24. 24.📒 Income or expense: buying lemons? (a) income (b) expense
25. 25.Farhan’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹20 (ribbon)
    Expense: ₹130 (card paper)
    How much is the loss (in ₹)?
26. 26.Joseph’s record for the day:
    Income: ₹110 (morning sales)
    Income: ₹260 (evening sales)
    Expense: ₹30 (sugar)
    Expense: ₹160 (card paper)
    What is the profit (in ₹)?
27. 27.Which of these is income (money in)? (a) tutoring fees received (b) buying lemons (c) buying paper cups (d) paying the stall fee
28. 28.Diya’s stall took in ₹390 on Friday, ₹250 on Saturday and ₹130 on Sunday. What was the total income (in ₹)?
29. 29.Tara’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹130 (ribbon)
    Expense: ₹80 (card paper)
    How much is the loss (in ₹)?
30. 30.Which of these is an expense (money out)? (a) bus fare to the market (b) payment for a cake order (c) money from sales (d) tutoring fees received
31. 31.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
32. 32.Lakshmi’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹10 (ribbon)
    Expense: ₹70 (transport)
    How much is the loss (in ₹)?
33. 33.True or false: “paying the stall fee” is income (money in). (a) True (b) False
34. 34.True or false: “money from sales” is income (money in). (a) True (b) False
35. 35.Saanvi’s income was ₹220 and the profit was ₹190. One expense was ₹10 (lemons). How much was the other expense, for card paper (in ₹)?
36. 36.Lakshmi’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹240 (evening sales)
    Expense: ₹20 (paper cups)
    Expense: ₹70 (lemons)
    What is the profit (in ₹)?
37. 37.Kabir’s record for a rainy day:
    Income: ₹180 (sales)
    Expense: ₹120 (sugar)
    Expense: ₹130 (transport)
    How much is the loss (in ₹)?
38. 38.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) a selfie (c) only the bag (d) nothing
39. 39.Aarav’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹170 (evening sales)
    Expense: ₹40 (lemons)
    Expense: ₹190 (sugar)
    What is the profit (in ₹)?
40. 40.📒 Income or expense: printing posters? (a) income (b) expense

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