Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 38 · 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.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
2. 2.True or false: “money from sales” is income (money in). (a) False (b) True
3. 3.Vihaan’s record for a rainy day:
   Income: ₹80 (sales)
   Expense: ₹50 (stall fee)
   Expense: ₹90 (ribbon)
   How much is the loss (in ₹)?
4. 4.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
5. 5.📒 Income or expense: tutoring fees received? (a) income (b) expense
6. 6.📒 Income or expense: buying lemons? (a) income (b) expense
7. 7.Lakshmi’s stall took in ₹180 on Friday, ₹60 on Saturday and ₹110 on Sunday. What was the total income (in ₹)?
8. 8.➖ Profit in your records = (a) income + expenses (b) just the income (c) income − expenses (d) expenses − income
9. 9.Gurpreet’s record for a rainy day:
   Income: ₹100 (sales)
   Expense: ₹20 (ribbon)
   Expense: ₹110 (stall fee)
   How much is the loss (in ₹)?
10. 10.Ishaan’s stall took in ₹340 on Friday, ₹340 on Saturday and ₹250 on Sunday. What was the total income (in ₹)?
11. 11.📒 Income or expense: buying paper cups? (a) income (b) expense
12. 12.True or false: “a card order paid” is an expense (money out). (a) False (b) True
13. 13.Tara’s record for a rainy day:
    Income: ₹80 (sales)
    Expense: ₹10 (card paper)
    Expense: ₹80 (sugar)
    How much is the loss (in ₹)?
14. 14.Kavya’s income was ₹240 and the profit was ₹130. One expense was ₹80 (paper cups). How much was the other expense, for lemons (in ₹)?
15. 15.Joseph’s income was ₹480 and the profit was ₹100. One expense was ₹90 (sugar). How much was the other expense, for stall fee (in ₹)?
16. 16.📒 Income or expense: a card order paid? (a) expense (b) income
17. 17.True or false: “bus fare to the market” is income (money in). (a) True (b) False
18. 18.Which of these is an expense (money out)? (a) tutoring fees received (b) printing posters (c) money from sales (d) cash from selling plants
19. 19.Which of these is an expense (money out)? (a) a card order paid (b) money from sales (c) tutoring fees received (d) bus fare to the market
20. 20.Arjun’s record for a rainy day:
    Income: ₹250 (sales)
    Expense: ₹80 (transport)
    Expense: ₹200 (stall fee)
    How much is the loss (in ₹)?
21. 21.Kavya’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹100 (evening sales)
    Expense: ₹110 (ribbon)
    Expense: ₹40 (card paper)
    What is the profit (in ₹)?
22. 22.Riya’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹70 (transport)
    Expense: ₹110 (paper cups)
    How much is the loss (in ₹)?
23. 23.🧾 What should you keep after buying supplies? (a) a selfie (b) only the bag (c) the bill or receipt (d) nothing
24. 24.Nisha’s record for a rainy day:
    Income: ₹100 (sales)
    Expense: ₹40 (stall fee)
    Expense: ₹80 (ribbon)
    How much is the loss (in ₹)?
25. 25.📒 Why write down every sale and cost? (a) no reason (b) to know the real profit (c) to look busy (d) to fill a notebook
26. 26.True or false: “tutoring fees received” is income (money in). (a) False (b) True
27. 27.📅 When is the best time to update your records? (a) never (b) once a year (c) the same day (d) whenever you like
28. 28.Which of these is an expense (money out)? (a) payment for a cake order (b) cash from selling plants (c) a card order paid (d) buying paper cups
29. 29.📒 Income or expense: cash from selling plants? (a) income (b) expense
30. 30.Aarav’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹170 (evening sales)
    Expense: ₹190 (transport)
    Expense: ₹30 (paper cups)
    What is the profit (in ₹)?
31. 31.Saanvi’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹240 (evening sales)
    Expense: ₹130 (card paper)
    Expense: ₹130 (paper cups)
    What is the profit (in ₹)?
32. 32.Tara’s record for the day:
    Income: ₹520 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹120 (ribbon)
    Expense: ₹130 (paper cups)
    What is the profit (in ₹)?
33. 33.Which of these is an expense (money out)? (a) a card order paid (b) buying lemons (c) money from sales (d) cash from selling plants
34. 34.Riya’s record for the day:
    Income: ₹340 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹70 (lemons)
    Expense: ₹180 (card paper)
    What is the profit (in ₹)?
35. 35.Which of these is income (money in)? (a) printing posters (b) buying lemons (c) bus fare to the market (d) payment for a cake order
36. 36.True or false: “buying paper cups” is income (money in). (a) True (b) False
37. 37.📒 Income or expense: bus fare to the market? (a) expense (b) income
38. 38.Joseph’s record for the day:
    Income: ₹240 (morning sales)
    Income: ₹330 (evening sales)
    Expense: ₹140 (sugar)
    Expense: ₹160 (card paper)
    What is the profit (in ₹)?
39. 39.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
40. 40.📒 Income or expense: printing posters? (a) income (b) expense

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