Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 338 · 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.Tara’s record for a rainy day:
   Income: ₹280 (sales)
   Expense: ₹60 (sugar)
   Expense: ₹300 (posters)
   How much is the loss (in ₹)?
2. 2.Rohan’s record for a rainy day:
   Income: ₹230 (sales)
   Expense: ₹230 (paper cups)
   Expense: ₹50 (posters)
   How much is the loss (in ₹)?
3. 3.Rohan’s record for a rainy day:
   Income: ₹130 (sales)
   Expense: ₹70 (lemons)
   Expense: ₹70 (posters)
   How much is the loss (in ₹)?
4. 4.True or false: “a card order paid” is an expense (money out). (a) False (b) True
5. 5.Rohan’s income was ₹120 and the profit was ₹30. One expense was ₹50 (posters). How much was the other expense, for paper cups (in ₹)?
6. 6.True or false: “printing posters” is income (money in). (a) True (b) False
7. 7.📒 Income or expense: bus fare to the market? (a) expense (b) income
8. 8.📒 Income or expense: buying lemons? (a) income (b) expense
9. 9.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
10. 10.Joseph’s income was ₹180 and the profit was ₹130. One expense was ₹20 (sugar). How much was the other expense, for ribbon (in ₹)?
11. 11.📅 When is the best time to update your records? (a) whenever you like (b) the same day (c) never (d) once a year
12. 12.Which of these is an expense (money out)? (a) payment for a cake order (b) bus fare to the market (c) a card order paid (d) cash from selling plants
13. 13.Lakshmi’s stall took in ₹250 on Friday, ₹140 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
14. 14.Which of these is income (money in)? (a) a card order paid (b) buying lemons (c) paying the stall fee (d) printing posters
15. 15.Which of these is an expense (money out)? (a) paying the stall fee (b) tutoring fees received (c) money from sales (d) payment for a cake order
16. 16.Which of these is income (money in)? (a) paying the stall fee (b) tutoring fees received (c) bus fare to the market (d) buying lemons
17. 17.Which of these is an expense (money out)? (a) cash from selling plants (b) a card order paid (c) tutoring fees received (d) printing posters
18. 18.➖ Profit in your records = (a) income + expenses (b) income − expenses (c) expenses − income (d) just the income
19. 19.📒 Income or expense: cash from selling plants? (a) expense (b) income
20. 20.True or false: “tutoring fees received” is income (money in). (a) False (b) True
21. 21.True or false: “money from sales” is income (money in). (a) False (b) True
22. 22.📒 Income or expense: money from sales? (a) income (b) expense
23. 23.Kabir’s stall took in ₹270 on Friday, ₹360 on Saturday and ₹260 on Sunday. What was the total income (in ₹)?
24. 24.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) only the bag (c) a selfie (d) nothing
25. 25.Ishaan’s stall took in ₹90 on Friday, ₹160 on Saturday and ₹190 on Sunday. What was the total income (in ₹)?
26. 26.Dev’s record for the day:
    Income: ₹140 (morning sales)
    Income: ₹150 (evening sales)
    Expense: ₹160 (ribbon)
    Expense: ₹50 (card paper)
    What is the profit (in ₹)?
27. 27.Gurpreet’s record for the day:
    Income: ₹260 (morning sales)
    Income: ₹150 (evening sales)
    Expense: ₹100 (card paper)
    Expense: ₹200 (transport)
    What is the profit (in ₹)?
28. 28.Rohan’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹410 (evening sales)
    Expense: ₹180 (transport)
    Expense: ₹180 (stall fee)
    What is the profit (in ₹)?
29. 29.Farhan’s stall took in ₹100 on Friday, ₹200 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
30. 30.Nisha’s stall took in ₹340 on Friday, ₹360 on Saturday and ₹350 on Sunday. What was the total income (in ₹)?
31. 31.True or false: “buying paper cups” is an expense (money out). (a) True (b) False
32. 32.True or false: “money from sales” is an expense (money out). (a) False (b) True
33. 33.📒 Why write down every sale and cost? (a) to know the real profit (b) to fill a notebook (c) to look busy (d) no reason
34. 34.Gurpreet’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹190 (evening sales)
    Expense: ₹40 (card paper)
    Expense: ₹100 (lemons)
    What is the profit (in ₹)?
35. 35.Ishaan’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹20 (transport)
    Expense: ₹120 (sugar)
    What is the profit (in ₹)?
36. 36.📒 Income or expense: tutoring fees received? (a) expense (b) income
37. 37.True or false: “buying lemons” is an expense (money out). (a) False (b) True
38. 38.📒 Income or expense: payment for a cake order? (a) income (b) expense
39. 39.Lakshmi’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹200 (paper cups)
    Expense: ₹70 (ribbon)
    How much is the loss (in ₹)?
40. 40.Tara’s record for a rainy day:
    Income: ₹260 (sales)
    Expense: ₹90 (card paper)
    Expense: ₹240 (paper cups)
    How much is the loss (in ₹)?

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