Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 40 · 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) never (b) whenever you like (c) the same day (d) once a year
2. 2.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
3. 3.Which of these is an expense (money out)? (a) money from sales (b) payment for a cake order (c) buying paper cups (d) cash from selling plants
4. 4.➖ Profit in your records = (a) just the income (b) income − expenses (c) expenses − income (d) income + expenses
5. 5.True or false: “bus fare to the market” is income (money in). (a) False (b) True
6. 6.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
7. 7.📒 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
8. 8.📒 Income or expense: buying lemons? (a) expense (b) income
9. 9.Which of these is income (money in)? (a) buying lemons (b) buying paper cups (c) bus fare to the market (d) payment for a cake order
10. 10.Gurpreet’s stall took in ₹100 on Friday, ₹230 on Saturday and ₹50 on Sunday. What was the total income (in ₹)?
11. 11.Vihaan’s stall took in ₹120 on Friday, ₹110 on Saturday and ₹130 on Sunday. What was the total income (in ₹)?
12. 12.Which of these is income (money in)? (a) buying lemons (b) printing posters (c) a card order paid (d) paying the stall fee
13. 13.Kabir’s record for the day:
    Income: ₹170 (morning sales)
    Income: ₹110 (evening sales)
    Expense: ₹130 (card paper)
    Expense: ₹110 (paper cups)
    What is the profit (in ₹)?
14. 14.Lakshmi’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹200 (card paper)
    Expense: ₹70 (sugar)
    How much is the loss (in ₹)?
15. 15.Vihaan’s income was ₹470 and the profit was ₹440. One expense was ₹10 (paper cups). How much was the other expense, for transport (in ₹)?
16. 16.📒 Income or expense: tutoring fees received? (a) income (b) expense
17. 17.Riya’s income was ₹420 and the profit was ₹170. One expense was ₹120 (stall fee). How much was the other expense, for transport (in ₹)?
18. 18.Farhan’s stall took in ₹260 on Friday, ₹60 on Saturday and ₹250 on Sunday. What was the total income (in ₹)?
19. 19.📒 Income or expense: bus fare to the market? (a) expense (b) income
20. 20.Kabir’s record for the day:
    Income: ₹200 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹140 (sugar)
    Expense: ₹40 (lemons)
    What is the profit (in ₹)?
21. 21.Zoya’s record for the day:
    Income: ₹240 (morning sales)
    Income: ₹60 (evening sales)
    Expense: ₹140 (lemons)
    Expense: ₹30 (sugar)
    What is the profit (in ₹)?
22. 22.📒 Income or expense: cash from selling plants? (a) expense (b) income
23. 23.Vihaan’s income was ₹150 and the profit was ₹120. One expense was ₹20 (ribbon). How much was the other expense, for sugar (in ₹)?
24. 24.Ananya’s record for the day:
    Income: ₹140 (morning sales)
    Income: ₹170 (evening sales)
    Expense: ₹160 (ribbon)
    Expense: ₹80 (transport)
    What is the profit (in ₹)?
25. 25.Which of these is an expense (money out)? (a) cash from selling plants (b) payment for a cake order (c) buying lemons (d) money from sales
26. 26.True or false: “money from sales” is income (money in). (a) False (b) True
27. 27.Tara’s record for a rainy day:
    Income: ₹260 (sales)
    Expense: ₹200 (lemons)
    Expense: ₹130 (transport)
    How much is the loss (in ₹)?
28. 28.Gurpreet’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹100 (stall fee)
    Expense: ₹220 (transport)
    How much is the loss (in ₹)?
29. 29.Saanvi’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹120 (posters)
    Expense: ₹20 (stall fee)
    How much is the loss (in ₹)?
30. 30.Which of these is income (money in)? (a) buying paper cups (b) tutoring fees received (c) buying lemons (d) printing posters
31. 31.Joseph’s stall took in ₹240 on Friday, ₹140 on Saturday and ₹300 on Sunday. What was the total income (in ₹)?
32. 32.Which of these is income (money in)? (a) buying lemons (b) printing posters (c) money from sales (d) paying the stall fee
33. 33.Which of these is income (money in)? (a) bus fare to the market (b) cash from selling plants (c) buying paper cups (d) printing posters
34. 34.Vihaan’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹30 (sugar)
    Expense: ₹170 (posters)
    How much is the loss (in ₹)?
35. 35.Kavya’s stall took in ₹220 on Friday, ₹210 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
36. 36.📒 Income or expense: money from sales? (a) income (b) expense
37. 37.Kavya’s income was ₹300 and the profit was ₹40. One expense was ₹200 (transport). How much was the other expense, for ribbon (in ₹)?
38. 38.True or false: “payment for a cake order” is income (money in). (a) False (b) True
39. 39.Nisha’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹40 (posters)
    Expense: ₹230 (ribbon)
    How much is the loss (in ₹)?
40. 40.Meera’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹10 (ribbon)
    Expense: ₹150 (transport)
    How much is the loss (in ₹)?

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