Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 371 · 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.Gurpreet’s record for a rainy day:
   Income: ₹180 (sales)
   Expense: ₹140 (lemons)
   Expense: ₹120 (card paper)
   How much is the loss (in ₹)?
2. 2.True or false: “paying the stall fee” is income (money in). (a) True (b) False
3. 3.True or false: “money from sales” is an expense (money out). (a) True (b) False
4. 4.True or false: “tutoring fees received” is income (money in). (a) False (b) True
5. 5.🧾 What should you keep after buying supplies? (a) only the bag (b) a selfie (c) nothing (d) the bill or receipt
6. 6.📒 Income or expense: payment for a cake order? (a) income (b) expense
7. 7.➖ Profit in your records = (a) income − expenses (b) just the income (c) income + expenses (d) expenses − income
8. 8.📒 Why write down every sale and cost? (a) to look busy (b) no reason (c) to fill a notebook (d) to know the real profit
9. 9.📅 When is the best time to update your records? (a) the same day (b) once a year (c) never (d) whenever you like
10. 10.📒 Income or expense: money from sales? (a) expense (b) income
11. 11.Joseph’s record for the day:
    Income: ₹350 (morning sales)
    Income: ₹60 (evening sales)
    Expense: ₹120 (transport)
    Expense: ₹60 (card paper)
    What is the profit (in ₹)?
12. 12.Nisha’s record for the day:
    Income: ₹180 (morning sales)
    Income: ₹280 (evening sales)
    Expense: ₹70 (sugar)
    Expense: ₹200 (paper cups)
    What is the profit (in ₹)?
13. 13.Tara’s stall took in ₹100 on Friday, ₹220 on Saturday and ₹290 on Sunday. What was the total income (in ₹)?
14. 14.Which of these is income (money in)? (a) buying paper cups (b) bus fare to the market (c) buying lemons (d) tutoring fees received
15. 15.Ananya’s record for a rainy day:
    Income: ₹80 (sales)
    Expense: ₹70 (ribbon)
    Expense: ₹20 (paper cups)
    How much is the loss (in ₹)?
16. 16.Zoya’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹210 (evening sales)
    Expense: ₹60 (paper cups)
    Expense: ₹180 (stall fee)
    What is the profit (in ₹)?
17. 17.Saanvi’s record for the day:
    Income: ₹210 (morning sales)
    Income: ₹230 (evening sales)
    Expense: ₹90 (stall fee)
    Expense: ₹150 (ribbon)
    What is the profit (in ₹)?
18. 18.True or false: “printing posters” is income (money in). (a) True (b) False
19. 19.Which of these is an expense (money out)? (a) paying the stall fee (b) money from sales (c) tutoring fees received (d) payment for a cake order
20. 20.Lakshmi’s record for the day:
    Income: ₹230 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹110 (sugar)
    Expense: ₹180 (card paper)
    What is the profit (in ₹)?
21. 21.Ananya’s stall took in ₹280 on Friday, ₹150 on Saturday and ₹310 on Sunday. What was the total income (in ₹)?
22. 22.📒 Income or expense: tutoring fees received? (a) income (b) expense
23. 23.Gurpreet’s stall took in ₹120 on Friday, ₹220 on Saturday and ₹370 on Sunday. What was the total income (in ₹)?
24. 24.📒 Income or expense: buying lemons? (a) expense (b) income
25. 25.Vihaan’s stall took in ₹250 on Friday, ₹300 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?
26. 26.📒 Income or expense: printing posters? (a) expense (b) income
27. 27.Riya’s record for the day:
    Income: ₹170 (morning sales)
    Income: ₹80 (evening sales)
    Expense: ₹180 (paper cups)
    Expense: ₹50 (stall fee)
    What is the profit (in ₹)?
28. 28.📒 Income or expense: bus fare to the market? (a) expense (b) income
29. 29.Gurpreet’s record for the day:
    Income: ₹300 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹160 (card paper)
    Expense: ₹40 (posters)
    What is the profit (in ₹)?
30. 30.Diya’s record for the day:
    Income: ₹330 (morning sales)
    Income: ₹80 (evening sales)
    Expense: ₹60 (transport)
    Expense: ₹50 (sugar)
    What is the profit (in ₹)?
31. 31.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
32. 32.Tara’s stall took in ₹200 on Friday, ₹90 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
33. 33.Which of these is an expense (money out)? (a) printing posters (b) cash from selling plants (c) a card order paid (d) tutoring fees received
34. 34.Tara’s record for the day:
    Income: ₹420 (morning sales)
    Income: ₹100 (evening sales)
    Expense: ₹90 (paper cups)
    Expense: ₹150 (stall fee)
    What is the profit (in ₹)?
35. 35.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
36. 36.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
37. 37.Which of these is income (money in)? (a) buying lemons (b) bus fare to the market (c) buying paper cups (d) a card order paid
38. 38.📒 Income or expense: a card order paid? (a) expense (b) income
39. 39.Which of these is an expense (money out)? (a) a card order paid (b) buying lemons (c) tutoring fees received (d) money from sales
40. 40.Tara’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹60 (card paper)
    Expense: ₹40 (lemons)
    What is the profit (in ₹)?

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