Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 359 · 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) once a year (b) whenever you like (c) never (d) the same day
2. 2.Ishaan’s record for a rainy day:
   Income: ₹160 (sales)
   Expense: ₹120 (paper cups)
   Expense: ₹80 (card paper)
   How much is the loss (in ₹)?
3. 3.Which of these is an expense (money out)? (a) tutoring fees received (b) buying paper cups (c) cash from selling plants (d) a card order paid
4. 4.True or false: “tutoring fees received” is income (money in). (a) True (b) False
5. 5.📒 Income or expense: printing posters? (a) income (b) expense
6. 6.Which of these is income (money in)? (a) buying paper cups (b) tutoring fees received (c) paying the stall fee (d) bus fare to the market
7. 7.Which of these is income (money in)? (a) payment for a cake order (b) paying the stall fee (c) printing posters (d) buying lemons
8. 8.📒 Income or expense: buying paper cups? (a) income (b) expense
9. 9.True or false: “money from sales” is an expense (money out). (a) True (b) False
10. 10.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
11. 11.Joseph’s income was ₹130 and the profit was ₹70. One expense was ₹30 (transport). How much was the other expense, for lemons (in ₹)?
12. 12.Aarav’s income was ₹260 and the profit was ₹80. One expense was ₹150 (paper cups). How much was the other expense, for sugar (in ₹)?
13. 13.Riya’s income was ₹480 and the profit was ₹180. One expense was ₹270 (transport). How much was the other expense, for posters (in ₹)?
14. 14.Diya’s income was ₹360 and the profit was ₹290. One expense was ₹20 (stall fee). How much was the other expense, for transport (in ₹)?
15. 15.📒 Income or expense: cash from selling plants? (a) expense (b) income
16. 16.Which of these is income (money in)? (a) buying paper cups (b) buying lemons (c) printing posters (d) a card order paid
17. 17.📒 Income or expense: buying lemons? (a) expense (b) income
18. 18.True or false: “a card order paid” is an expense (money out). (a) False (b) True
19. 19.Diya’s income was ₹220 and the profit was ₹140. One expense was ₹50 (transport). How much was the other expense, for posters (in ₹)?
20. 20.Ishaan’s income was ₹180 and the profit was ₹120. One expense was ₹50 (posters). How much was the other expense, for ribbon (in ₹)?
21. 21.Arjun’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹260 (evening sales)
    Expense: ₹180 (card paper)
    Expense: ₹80 (posters)
    What is the profit (in ₹)?
22. 22.Lakshmi’s income was ₹230 and the profit was ₹30. One expense was ₹170 (stall fee). How much was the other expense, for paper cups (in ₹)?
23. 23.Saanvi’s income was ₹200 and the profit was ₹20. One expense was ₹100 (ribbon). How much was the other expense, for lemons (in ₹)?
24. 24.📒 Income or expense: money from sales? (a) income (b) expense
25. 25.📒 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
26. 26.Vihaan’s stall took in ₹310 on Friday, ₹50 on Saturday and ₹180 on Sunday. What was the total income (in ₹)?
27. 27.Riya’s stall took in ₹320 on Friday, ₹150 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
28. 28.Which of these is income (money in)? (a) printing posters (b) buying paper cups (c) money from sales (d) bus fare to the market
29. 29.Tara’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹200 (posters)
    Expense: ₹80 (lemons)
    How much is the loss (in ₹)?
30. 30.True or false: “money from sales” is income (money in). (a) True (b) False
31. 31.Lakshmi’s stall took in ₹380 on Friday, ₹310 on Saturday and ₹360 on Sunday. What was the total income (in ₹)?
32. 32.True or false: “printing posters” is income (money in). (a) True (b) False
33. 33.True or false: “paying the stall fee” is income (money in). (a) False (b) True
34. 34.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
35. 35.📒 Income or expense: bus fare to the market? (a) income (b) expense
36. 36.Which of these is an expense (money out)? (a) tutoring fees received (b) payment for a cake order (c) paying the stall fee (d) cash from selling plants
37. 37.Ananya’s income was ₹350 and the profit was ₹260. One expense was ₹60 (sugar). How much was the other expense, for transport (in ₹)?
38. 38.Joseph’s stall took in ₹240 on Friday, ₹270 on Saturday and ₹400 on Sunday. What was the total income (in ₹)?
39. 39.Saanvi’s income was ₹170 and the profit was ₹80. One expense was ₹40 (posters). How much was the other expense, for sugar (in ₹)?
40. 40.📒 Income or expense: a card order paid? (a) expense (b) income

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