Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 41 · 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.Diya’s record for a rainy day:
   Income: ₹150 (sales)
   Expense: ₹120 (lemons)
   Expense: ₹50 (transport)
   How much is the loss (in ₹)?
2. 2.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
3. 3.Ishaan’s stall took in ₹270 on Friday, ₹320 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
4. 4.Lakshmi’s stall took in ₹320 on Friday, ₹60 on Saturday and ₹220 on Sunday. What was the total income (in ₹)?
5. 5.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
6. 6.📒 Income or expense: tutoring fees received? (a) expense (b) income
7. 7.True or false: “money from sales” is an expense (money out). (a) True (b) False
8. 8.Which of these is income (money in)? (a) printing posters (b) buying paper cups (c) tutoring fees received (d) bus fare to the market
9. 9.Which of these is an expense (money out)? (a) buying lemons (b) cash from selling plants (c) money from sales (d) tutoring fees received
10. 10.➖ Profit in your records = (a) income − expenses (b) expenses − income (c) income + expenses (d) just the income
11. 11.True or false: “printing posters” is income (money in). (a) True (b) False
12. 12.Meera’s record for the day:
    Income: ₹340 (morning sales)
    Income: ₹190 (evening sales)
    Expense: ₹140 (transport)
    Expense: ₹160 (ribbon)
    What is the profit (in ₹)?
13. 13.Vihaan’s record for the day:
    Income: ₹260 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹130 (ribbon)
    Expense: ₹80 (sugar)
    What is the profit (in ₹)?
14. 14.Which of these is income (money in)? (a) paying the stall fee (b) printing posters (c) buying paper cups (d) money from sales
15. 15.📒 Income or expense: payment for a cake order? (a) income (b) expense
16. 16.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
17. 17.🧾 What should you keep after buying supplies? (a) nothing (b) a selfie (c) only the bag (d) the bill or receipt
18. 18.Gurpreet’s record for the day:
    Income: ₹270 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹100 (lemons)
    Expense: ₹20 (ribbon)
    What is the profit (in ₹)?
19. 19.True or false: “paying the stall fee” is income (money in). (a) False (b) True
20. 20.Kavya’s record for a rainy day:
    Income: ₹240 (sales)
    Expense: ₹80 (sugar)
    Expense: ₹210 (posters)
    How much is the loss (in ₹)?
21. 21.True or false: “a card order paid” is an expense (money out). (a) False (b) True
22. 22.True or false: “cash from selling plants” is income (money in). (a) True (b) False
23. 23.📒 Why write down every sale and cost? (a) no reason (b) to fill a notebook (c) to know the real profit (d) to look busy
24. 24.Which of these is income (money in)? (a) bus fare to the market (b) buying lemons (c) cash from selling plants (d) buying paper cups
25. 25.Ishaan’s record for the day:
    Income: ₹170 (morning sales)
    Income: ₹90 (evening sales)
    Expense: ₹110 (ribbon)
    Expense: ₹80 (sugar)
    What is the profit (in ₹)?
26. 26.Which of these is an expense (money out)? (a) tutoring fees received (b) paying the stall fee (c) money from sales (d) a card order paid
27. 27.Ananya’s record for the day:
    Income: ₹60 (morning sales)
    Income: ₹80 (evening sales)
    Expense: ₹90 (sugar)
    Expense: ₹40 (paper cups)
    What is the profit (in ₹)?
28. 28.True or false: “tutoring fees received” is income (money in). (a) True (b) False
29. 29.📒 Income or expense: a card order paid? (a) expense (b) income
30. 30.True or false: “money from sales” is income (money in). (a) False (b) True
31. 31.Kavya’s stall took in ₹320 on Friday, ₹280 on Saturday and ₹400 on Sunday. What was the total income (in ₹)?
32. 32.📒 Income or expense: buying lemons? (a) expense (b) income
33. 33.Kabir’s income was ₹120 and the profit was ₹20. One expense was ₹70 (stall fee). How much was the other expense, for sugar (in ₹)?
34. 34.Joseph’s income was ₹200 and the profit was ₹90. One expense was ₹10 (posters). How much was the other expense, for ribbon (in ₹)?
35. 35.Meera’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹110 (evening sales)
    Expense: ₹40 (lemons)
    Expense: ₹80 (transport)
    What is the profit (in ₹)?
36. 36.📅 When is the best time to update your records? (a) never (b) once a year (c) whenever you like (d) the same day
37. 37.True or false: “payment for a cake order” is income (money in). (a) False (b) True
38. 38.📒 Income or expense: printing posters? (a) income (b) expense
39. 39.Which of these is an expense (money out)? (a) payment for a cake order (b) printing posters (c) money from sales (d) cash from selling plants
40. 40.Vihaan’s record for the day:
    Income: ₹190 (morning sales)
    Income: ₹160 (evening sales)
    Expense: ₹130 (card paper)
    Expense: ₹130 (sugar)
    What is the profit (in ₹)?

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