Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 428 · 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: “bus fare to the market” is income (money in). (a) False (b) True
2. 2.Farhan’s record for a rainy day:
   Income: ₹190 (sales)
   Expense: ₹200 (stall fee)
   Expense: ₹20 (transport)
   How much is the loss (in ₹)?
3. 3.Saanvi’s record for a rainy day:
   Income: ₹170 (sales)
   Expense: ₹40 (stall fee)
   Expense: ₹200 (sugar)
   How much is the loss (in ₹)?
4. 4.Which of these is income (money in)? (a) paying the stall fee (b) buying lemons (c) printing posters (d) cash from selling plants
5. 5.📒 Income or expense: money from sales? (a) expense (b) income
6. 6.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) a selfie (c) only the bag (d) nothing
7. 7.Kabir’s record for a rainy day:
   Income: ₹60 (sales)
   Expense: ₹70 (card paper)
   Expense: ₹10 (lemons)
   How much is the loss (in ₹)?
8. 8.Vihaan’s stall took in ₹100 on Friday, ₹100 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
9. 9.Nisha’s record for a rainy day:
   Income: ₹230 (sales)
   Expense: ₹210 (stall fee)
   Expense: ₹80 (transport)
   How much is the loss (in ₹)?
10. 10.Which of these is an expense (money out)? (a) printing posters (b) payment for a cake order (c) tutoring fees received (d) a card order paid
11. 11.Meera’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹20 (card paper)
    Expense: ₹110 (ribbon)
    How much is the loss (in ₹)?
12. 12.True or false: “a card order paid” is income (money in). (a) False (b) True
13. 13.Zoya’s stall took in ₹320 on Friday, ₹360 on Saturday and ₹350 on Sunday. What was the total income (in ₹)?
14. 14.Meera’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹30 (stall fee)
    Expense: ₹180 (lemons)
    How much is the loss (in ₹)?
15. 15.Which of these is income (money in)? (a) printing posters (b) bus fare to the market (c) a card order paid (d) paying the stall fee
16. 16.📒 Income or expense: cash from selling plants? (a) income (b) expense
17. 17.📅 When is the best time to update your records? (a) the same day (b) once a year (c) never (d) whenever you like
18. 18.📒 Income or expense: a card order paid? (a) income (b) expense
19. 19.Joseph’s stall took in ₹210 on Friday, ₹90 on Saturday and ₹130 on Sunday. What was the total income (in ₹)?
20. 20.📒 Income or expense: buying lemons? (a) income (b) expense
21. 21.Kabir’s record for the day:
    Income: ₹60 (morning sales)
    Income: ₹160 (evening sales)
    Expense: ₹20 (paper cups)
    Expense: ₹90 (card paper)
    What is the profit (in ₹)?
22. 22.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
23. 23.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
24. 24.True or false: “buying lemons” is income (money in). (a) True (b) False
25. 25.True or false: “payment for a cake order” is income (money in). (a) True (b) False
26. 26.Diya’s income was ₹480 and the profit was ₹420. One expense was ₹50 (paper cups). How much was the other expense, for sugar (in ₹)?
27. 27.Tara’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹140 (posters)
    Expense: ₹70 (lemons)
    How much is the loss (in ₹)?
28. 28.Joseph’s stall took in ₹160 on Friday, ₹120 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
29. 29.Gurpreet’s stall took in ₹190 on Friday, ₹330 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
30. 30.Kabir’s stall took in ₹60 on Friday, ₹130 on Saturday and ₹270 on Sunday. What was the total income (in ₹)?
31. 31.Rohan’s stall took in ₹120 on Friday, ₹370 on Saturday and ₹270 on Sunday. What was the total income (in ₹)?
32. 32.Aarav’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹40 (ribbon)
    Expense: ₹60 (lemons)
    How much is the loss (in ₹)?
33. 33.Arjun’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹120 (posters)
    Expense: ₹30 (sugar)
    How much is the loss (in ₹)?
34. 34.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
35. 35.📒 Income or expense: payment for a cake order? (a) expense (b) income
36. 36.➖ Profit in your records = (a) income − expenses (b) expenses − income (c) just the income (d) income + expenses
37. 37.📒 Why write down every sale and cost? (a) to look busy (b) to fill a notebook (c) to know the real profit (d) no reason
38. 38.Which of these is an expense (money out)? (a) bus fare to the market (b) money from sales (c) payment for a cake order (d) a card order paid
39. 39.Riya’s income was ₹280 and the profit was ₹240. One expense was ₹30 (stall fee). How much was the other expense, for sugar (in ₹)?
40. 40.Meera’s record for the day:
    Income: ₹120 (morning sales)
    Income: ₹340 (evening sales)
    Expense: ₹180 (lemons)
    Expense: ₹150 (stall fee)
    What is the profit (in ₹)?

Free entrepreneurship lessons, practice and worksheets at talentjr.in/entrepreneurship-for-kids