Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 421 · 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.Which of these is income (money in)? (a) tutoring fees received (b) buying paper cups (c) buying lemons (d) bus fare to the market
2. 2.Which of these is an expense (money out)? (a) paying the stall fee (b) tutoring fees received (c) a card order paid (d) money from sales
3. 3.Which of these is an expense (money out)? (a) money from sales (b) payment for a cake order (c) cash from selling plants (d) bus fare to the market
4. 4.📒 Income or expense: buying paper cups? (a) expense (b) income
5. 5.Which of these is income (money in)? (a) printing posters (b) paying the stall fee (c) buying lemons (d) a card order paid
6. 6.Meera’s record for the day:
   Income: ₹150 (morning sales)
   Income: ₹70 (evening sales)
   Expense: ₹30 (posters)
   Expense: ₹70 (transport)
   What is the profit (in ₹)?
7. 7.➖ Profit in your records = (a) just the income (b) income − expenses (c) expenses − income (d) income + expenses
8. 8.True or false: “printing posters” is an expense (money out). (a) True (b) False
9. 9.True or false: “buying lemons” is an expense (money out). (a) True (b) False
10. 10.📒 Income or expense: money from sales? (a) expense (b) income
11. 11.True or false: “bus fare to the market” is income (money in). (a) False (b) True
12. 12.📒 Why write down every sale and cost? (a) to fill a notebook (b) to look busy (c) no reason (d) to know the real profit
13. 13.📒 Income or expense: tutoring fees received? (a) income (b) expense
14. 14.Which of these is income (money in)? (a) cash from selling plants (b) buying paper cups (c) buying lemons (d) printing posters
15. 15.True or false: “money from sales” is income (money in). (a) False (b) True
16. 16.📒 Income or expense: buying lemons? (a) income (b) expense
17. 17.Saanvi’s record for a rainy day:
    Income: ₹130 (sales)
    Expense: ₹30 (lemons)
    Expense: ₹140 (paper cups)
    How much is the loss (in ₹)?
18. 18.Kabir’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹440 (evening sales)
    Expense: ₹20 (paper cups)
    Expense: ₹150 (sugar)
    What is the profit (in ₹)?
19. 19.🧾 What should you keep after buying supplies? (a) nothing (b) a selfie (c) only the bag (d) the bill or receipt
20. 20.Saanvi’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹30 (card paper)
    Expense: ₹50 (paper cups)
    How much is the loss (in ₹)?
21. 21.📒 Income or expense: printing posters? (a) income (b) expense
22. 22.📒 Income or expense: a card order paid? (a) expense (b) income
23. 23.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
24. 24.📅 When is the best time to update your records? (a) once a year (b) whenever you like (c) never (d) the same day
25. 25.Gurpreet’s record for a rainy day:
    Income: ₹160 (sales)
    Expense: ₹150 (card paper)
    Expense: ₹40 (sugar)
    How much is the loss (in ₹)?
26. 26.Which of these is income (money in)? (a) paying the stall fee (b) printing posters (c) buying lemons (d) money from sales
27. 27.Lakshmi’s income was ₹490 and the profit was ₹360. One expense was ₹70 (lemons). How much was the other expense, for stall fee (in ₹)?
28. 28.Kabir’s stall took in ₹390 on Friday, ₹370 on Saturday and ₹270 on Sunday. What was the total income (in ₹)?
29. 29.True or false: “buying lemons” is income (money in). (a) False (b) True
30. 30.True or false: “paying the stall fee” is an expense (money out). (a) False (b) True
31. 31.Which of these is an expense (money out)? (a) buying lemons (b) a card order paid (c) payment for a cake order (d) tutoring fees received
32. 32.Aarav’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹110 (evening sales)
    Expense: ₹70 (lemons)
    Expense: ₹70 (stall fee)
    What is the profit (in ₹)?
33. 33.True or false: “printing posters” is income (money in). (a) True (b) False
34. 34.True or false: “cash from selling plants” is income (money in). (a) True (b) False
35. 35.Ananya’s income was ₹120 and the profit was ₹10. One expense was ₹40 (transport). How much was the other expense, for posters (in ₹)?
36. 36.Gurpreet’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹30 (lemons)
    Expense: ₹80 (sugar)
    What is the profit (in ₹)?
37. 37.Kavya’s stall took in ₹320 on Friday, ₹120 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
38. 38.Nisha’s income was ₹190 and the profit was ₹170. One expense was ₹10 (transport). How much was the other expense, for ribbon (in ₹)?
39. 39.Tara’s income was ₹110 and the profit was ₹40. One expense was ₹10 (transport). How much was the other expense, for ribbon (in ₹)?
40. 40.📒 Income or expense: cash from selling plants? (a) expense (b) income

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