Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 352 · 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.➖ Profit in your records = (a) just the income (b) income − expenses (c) expenses − income (d) income + expenses
2. 2.Which of these is income (money in)? (a) bus fare to the market (b) tutoring fees received (c) buying lemons (d) paying the stall fee
3. 3.Riya’s income was ₹170 and the profit was ₹50. One expense was ₹50 (sugar). How much was the other expense, for transport (in ₹)?
4. 4.Which of these is income (money in)? (a) bus fare to the market (b) buying lemons (c) printing posters (d) payment for a cake order
5. 5.True or false: “cash from selling plants” is income (money in). (a) True (b) False
6. 6.True or false: “tutoring fees received” is income (money in). (a) False (b) True
7. 7.📒 Income or expense: buying lemons? (a) income (b) expense
8. 8.Which of these is an expense (money out)? (a) cash from selling plants (b) a card order paid (c) money from sales (d) printing posters
9. 9.Which of these is an expense (money out)? (a) a card order paid (b) tutoring fees received (c) payment for a cake order (d) buying lemons
10. 10.Which of these is an expense (money out)? (a) tutoring fees received (b) bus fare to the market (c) cash from selling plants (d) payment for a cake order
11. 11.📒 Why write down every sale and cost? (a) no reason (b) to look busy (c) to know the real profit (d) to fill a notebook
12. 12.📅 When is the best time to update your records? (a) never (b) once a year (c) the same day (d) whenever you like
13. 13.Diya’s record for the day:
    Income: ₹400 (morning sales)
    Income: ₹110 (evening sales)
    Expense: ₹170 (ribbon)
    Expense: ₹180 (card paper)
    What is the profit (in ₹)?
14. 14.Which of these is income (money in)? (a) bus fare to the market (b) buying lemons (c) printing posters (d) a card order paid
15. 15.Which of these is income (money in)? (a) printing posters (b) cash from selling plants (c) buying paper cups (d) paying the stall fee
16. 16.Joseph’s stall took in ₹170 on Friday, ₹350 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
17. 17.Gurpreet’s income was ₹210 and the profit was ₹150. One expense was ₹40 (paper cups). How much was the other expense, for sugar (in ₹)?
18. 18.Aarav’s income was ₹270 and the profit was ₹150. One expense was ₹30 (stall fee). How much was the other expense, for paper cups (in ₹)?
19. 19.📒 Income or expense: paying the stall fee? (a) income (b) expense
20. 20.Diya’s stall took in ₹220 on Friday, ₹260 on Saturday and ₹260 on Sunday. What was the total income (in ₹)?
21. 21.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
22. 22.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
23. 23.Diya’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹50 (lemons)
    Expense: ₹70 (posters)
    How much is the loss (in ₹)?
24. 24.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) nothing (c) only the bag (d) a selfie
25. 25.📒 Income or expense: cash from selling plants? (a) expense (b) income
26. 26.Tara’s income was ₹170 and the profit was ₹50. One expense was ₹110 (paper cups). How much was the other expense, for lemons (in ₹)?
27. 27.True or false: “buying paper cups” is income (money in). (a) False (b) True
28. 28.Gurpreet’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹50 (posters)
    Expense: ₹20 (transport)
    How much is the loss (in ₹)?
29. 29.Arjun’s stall took in ₹70 on Friday, ₹300 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
30. 30.Farhan’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹230 (evening sales)
    Expense: ₹120 (card paper)
    Expense: ₹70 (paper cups)
    What is the profit (in ₹)?
31. 31.Which of these is an expense (money out)? (a) cash from selling plants (b) tutoring fees received (c) paying the stall fee (d) payment for a cake order
32. 32.Gurpreet’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹150 (lemons)
    Expense: ₹80 (posters)
    How much is the loss (in ₹)?
33. 33.True or false: “payment for a cake order” is income (money in). (a) True (b) False
34. 34.📒 Income or expense: a card order paid? (a) income (b) expense
35. 35.📒 Income or expense: buying paper cups? (a) income (b) expense
36. 36.📒 Income or expense: payment for a cake order? (a) expense (b) income
37. 37.Rohan’s income was ₹480 and the profit was ₹100. One expense was ₹30 (lemons). How much was the other expense, for ribbon (in ₹)?
38. 38.Which of these is income (money in)? (a) buying lemons (b) money from sales (c) paying the stall fee (d) buying paper cups
39. 39.Kabir’s income was ₹350 and the profit was ₹60. One expense was ₹150 (sugar). How much was the other expense, for paper cups (in ₹)?
40. 40.Gurpreet’s stall took in ₹360 on Friday, ₹140 on Saturday and ₹130 on Sunday. What was the total income (in ₹)?

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