Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 389 · 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.📒 Income or expense: buying lemons? (a) expense (b) income
2. 2.Riya’s record for a rainy day:
   Income: ₹110 (sales)
   Expense: ₹90 (stall fee)
   Expense: ₹100 (card paper)
   How much is the loss (in ₹)?
3. 3.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
4. 4.Lakshmi’s income was ₹320 and the profit was ₹240. One expense was ₹10 (sugar). How much was the other expense, for card paper (in ₹)?
5. 5.True or false: “buying paper cups” is income (money in). (a) True (b) False
6. 6.Which of these is income (money in)? (a) buying paper cups (b) buying lemons (c) printing posters (d) a card order paid
7. 7.Aarav’s income was ₹210 and the profit was ₹40. One expense was ₹130 (card paper). How much was the other expense, for sugar (in ₹)?
8. 8.True or false: “buying lemons” is an expense (money out). (a) False (b) True
9. 9.📒 Income or expense: buying paper cups? (a) income (b) expense
10. 10.Aarav’s income was ₹470 and the profit was ₹360. One expense was ₹90 (ribbon). How much was the other expense, for card paper (in ₹)?
11. 11.Gurpreet’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹260 (evening sales)
    Expense: ₹60 (paper cups)
    Expense: ₹60 (sugar)
    What is the profit (in ₹)?
12. 12.Which of these is income (money in)? (a) buying lemons (b) paying the stall fee (c) buying paper cups (d) tutoring fees received
13. 13.True or false: “a card order paid” is income (money in). (a) True (b) False
14. 14.True or false: “money from sales” is an expense (money out). (a) False (b) True
15. 15.Zoya’s income was ₹220 and the profit was ₹130. One expense was ₹20 (paper cups). How much was the other expense, for posters (in ₹)?
16. 16.Joseph’s record for the day:
    Income: ₹340 (morning sales)
    Income: ₹90 (evening sales)
    Expense: ₹30 (stall fee)
    Expense: ₹160 (paper cups)
    What is the profit (in ₹)?
17. 17.Which of these is an expense (money out)? (a) a card order paid (b) cash from selling plants (c) payment for a cake order (d) buying paper cups
18. 18.📒 Why write down every sale and cost? (a) to know the real profit (b) to fill a notebook (c) no reason (d) to look busy
19. 19.➖ Profit in your records = (a) just the income (b) income + expenses (c) expenses − income (d) income − expenses
20. 20.Kavya’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹260 (evening sales)
    Expense: ₹100 (paper cups)
    Expense: ₹60 (lemons)
    What is the profit (in ₹)?
21. 21.📅 When is the best time to update your records? (a) the same day (b) never (c) once a year (d) whenever you like
22. 22.Ishaan’s record for the day:
    Income: ₹290 (morning sales)
    Income: ₹100 (evening sales)
    Expense: ₹160 (card paper)
    Expense: ₹200 (paper cups)
    What is the profit (in ₹)?
23. 23.🧾 What should you keep after buying supplies? (a) nothing (b) only the bag (c) a selfie (d) the bill or receipt
24. 24.📒 Income or expense: tutoring fees received? (a) income (b) expense
25. 25.Meera’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹50 (stall fee)
    Expense: ₹100 (transport)
    How much is the loss (in ₹)?
26. 26.Lakshmi’s record for the day:
    Income: ₹100 (morning sales)
    Income: ₹360 (evening sales)
    Expense: ₹110 (ribbon)
    Expense: ₹130 (sugar)
    What is the profit (in ₹)?
27. 27.📒 Income or expense: printing posters? (a) expense (b) income
28. 28.Diya’s income was ₹240 and the profit was ₹120. One expense was ₹90 (sugar). How much was the other expense, for ribbon (in ₹)?
29. 29.Which of these is income (money in)? (a) buying paper cups (b) bus fare to the market (c) printing posters (d) cash from selling plants
30. 30.Rohan’s income was ₹330 and the profit was ₹60. One expense was ₹90 (card paper). How much was the other expense, for ribbon (in ₹)?
31. 31.Which of these is an expense (money out)? (a) a card order paid (b) tutoring fees received (c) bus fare to the market (d) payment for a cake order
32. 32.Dev’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹240 (evening sales)
    Expense: ₹60 (paper cups)
    Expense: ₹170 (posters)
    What is the profit (in ₹)?
33. 33.📒 Income or expense: paying the stall fee? (a) expense (b) income
34. 34.Dev’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹100 (posters)
    Expense: ₹210 (paper cups)
    How much is the loss (in ₹)?
35. 35.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
36. 36.True or false: “printing posters” is an expense (money out). (a) False (b) True
37. 37.Tara’s stall took in ₹390 on Friday, ₹110 on Saturday and ₹110 on Sunday. What was the total income (in ₹)?
38. 38.True or false: “cash from selling plants” is income (money in). (a) True (b) False
39. 39.Lakshmi’s stall took in ₹180 on Friday, ₹60 on Saturday and ₹110 on Sunday. What was the total income (in ₹)?
40. 40.Which of these is an expense (money out)? (a) tutoring fees received (b) paying the stall fee (c) money from sales (d) payment for a cake order

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