Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 448 · 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: “buying lemons” is an expense (money out). (a) True (b) False
2. 2.Which of these is income (money in)? (a) printing posters (b) bus fare to the market (c) cash from selling plants (d) buying lemons
3. 3.➖ Profit in your records = (a) income + expenses (b) income − expenses (c) expenses − income (d) just the income
4. 4.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
5. 5.True or false: “cash from selling plants” is income (money in). (a) False (b) True
6. 6.Diya’s record for the day:
   Income: ₹50 (morning sales)
   Income: ₹120 (evening sales)
   Expense: ₹90 (lemons)
   Expense: ₹20 (card paper)
   What is the profit (in ₹)?
7. 7.Meera’s record for the day:
   Income: ₹70 (morning sales)
   Income: ₹180 (evening sales)
   Expense: ₹80 (paper cups)
   Expense: ₹90 (stall fee)
   What is the profit (in ₹)?
8. 8.Zoya’s record for the day:
   Income: ₹70 (morning sales)
   Income: ₹250 (evening sales)
   Expense: ₹50 (lemons)
   Expense: ₹200 (ribbon)
   What is the profit (in ₹)?
9. 9.Aarav’s record for a rainy day:
   Income: ₹80 (sales)
   Expense: ₹20 (posters)
   Expense: ₹80 (ribbon)
   How much is the loss (in ₹)?
10. 10.Which of these is an expense (money out)? (a) payment for a cake order (b) a card order paid (c) cash from selling plants (d) paying the stall fee
11. 11.True or false: “buying paper cups” is income (money in). (a) False (b) True
12. 12.True or false: “money from sales” is an expense (money out). (a) True (b) False
13. 13.Ananya’s income was ₹110 and the profit was ₹30. One expense was ₹30 (lemons). How much was the other expense, for ribbon (in ₹)?
14. 14.Which of these is income (money in)? (a) bus fare to the market (b) buying paper cups (c) tutoring fees received (d) printing posters
15. 15.Zoya’s record for the day:
    Income: ₹260 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹200 (ribbon)
    Expense: ₹20 (stall fee)
    What is the profit (in ₹)?
16. 16.Ishaan’s stall took in ₹220 on Friday, ₹330 on Saturday and ₹280 on Sunday. What was the total income (in ₹)?
17. 17.📒 Income or expense: payment for a cake order? (a) expense (b) income
18. 18.📒 Income or expense: printing posters? (a) income (b) expense
19. 19.Kabir’s stall took in ₹160 on Friday, ₹320 on Saturday and ₹210 on Sunday. What was the total income (in ₹)?
20. 20.True or false: “payment for a cake order” is income (money in). (a) False (b) True
21. 21.📒 Income or expense: tutoring fees received? (a) income (b) expense
22. 22.🧾 What should you keep after buying supplies? (a) nothing (b) only the bag (c) a selfie (d) the bill or receipt
23. 23.Arjun’s record for a rainy day:
    Income: ₹100 (sales)
    Expense: ₹120 (card paper)
    Expense: ₹40 (stall fee)
    How much is the loss (in ₹)?
24. 24.📒 Income or expense: paying the stall fee? (a) income (b) expense
25. 25.Which of these is an expense (money out)? (a) buying lemons (b) a card order paid (c) cash from selling plants (d) money from sales
26. 26.📅 When is the best time to update your records? (a) whenever you like (b) never (c) the same day (d) once a year
27. 27.📒 Income or expense: cash from selling plants? (a) expense (b) income
28. 28.📒 Income or expense: buying paper cups? (a) expense (b) income
29. 29.Which of these is an expense (money out)? (a) money from sales (b) payment for a cake order (c) bus fare to the market (d) cash from selling plants
30. 30.Ishaan’s record for the day:
    Income: ₹280 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹60 (posters)
    Expense: ₹140 (stall fee)
    What is the profit (in ₹)?
31. 31.Tara’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹30 (paper cups)
    Expense: ₹120 (stall fee)
    How much is the loss (in ₹)?
32. 32.Aarav’s record for a rainy day:
    Income: ₹280 (sales)
    Expense: ₹20 (transport)
    Expense: ₹270 (stall fee)
    How much is the loss (in ₹)?
33. 33.Saanvi’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹200 (stall fee)
    Expense: ₹80 (posters)
    How much is the loss (in ₹)?
34. 34.Kabir’s income was ₹300 and the profit was ₹20. One expense was ₹10 (ribbon). How much was the other expense, for lemons (in ₹)?
35. 35.Which of these is an expense (money out)? (a) a card order paid (b) money from sales (c) payment for a cake order (d) printing posters
36. 36.📒 Why write down every sale and cost? (a) to fill a notebook (b) to look busy (c) to know the real profit (d) no reason
37. 37.📒 Income or expense: money from sales? (a) income (b) expense
38. 38.Lakshmi’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹250 (evening sales)
    Expense: ₹200 (posters)
    Expense: ₹80 (lemons)
    What is the profit (in ₹)?
39. 39.True or false: “money from sales” is income (money in). (a) False (b) True
40. 40.📒 Income or expense: buying lemons? (a) expense (b) income

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