Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 471 · 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: “tutoring fees received” is an expense (money out). (a) True (b) False
2. 2.Vihaan’s record for a rainy day:
   Income: ₹70 (sales)
   Expense: ₹30 (paper cups)
   Expense: ₹80 (sugar)
   How much is the loss (in ₹)?
3. 3.True or false: “printing posters” is an expense (money out). (a) True (b) False
4. 4.Saanvi’s record for a rainy day:
   Income: ₹80 (sales)
   Expense: ₹10 (sugar)
   Expense: ₹130 (transport)
   How much is the loss (in ₹)?
5. 5.Diya’s income was ₹310 and the profit was ₹270. One expense was ₹10 (card paper). How much was the other expense, for sugar (in ₹)?
6. 6.Which of these is an expense (money out)? (a) payment for a cake order (b) buying paper cups (c) money from sales (d) a card order paid
7. 7.True or false: “money from sales” is income (money in). (a) True (b) False
8. 8.Kavya’s record for a rainy day:
   Income: ₹190 (sales)
   Expense: ₹20 (lemons)
   Expense: ₹250 (paper cups)
   How much is the loss (in ₹)?
9. 9.True or false: “money from sales” is an expense (money out). (a) False (b) True
10. 10.Kabir’s stall took in ₹240 on Friday, ₹110 on Saturday and ₹330 on Sunday. What was the total income (in ₹)?
11. 11.True or false: “printing posters” is income (money in). (a) False (b) True
12. 12.📒 Income or expense: money from sales? (a) expense (b) income
13. 13.Kavya’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹150 (stall fee)
    Expense: ₹30 (paper cups)
    How much is the loss (in ₹)?
14. 14.True or false: “buying lemons” is income (money in). (a) True (b) False
15. 15.Vihaan’s stall took in ₹280 on Friday, ₹60 on Saturday and ₹230 on Sunday. What was the total income (in ₹)?
16. 16.Zoya’s income was ₹140 and the profit was ₹20. One expense was ₹80 (transport). How much was the other expense, for ribbon (in ₹)?
17. 17.🧾 What should you keep after buying supplies? (a) nothing (b) only the bag (c) a selfie (d) the bill or receipt
18. 18.📅 When is the best time to update your records? (a) never (b) once a year (c) the same day (d) whenever you like
19. 19.Meera’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹60 (paper cups)
    Expense: ₹100 (posters)
    What is the profit (in ₹)?
20. 20.➖ Profit in your records = (a) income − expenses (b) expenses − income (c) income + expenses (d) just the income
21. 21.Which of these is an expense (money out)? (a) money from sales (b) cash from selling plants (c) buying lemons (d) tutoring fees received
22. 22.Arjun’s income was ₹230 and the profit was ₹120. One expense was ₹60 (transport). How much was the other expense, for sugar (in ₹)?
23. 23.Nisha’s record for a rainy day:
    Income: ₹80 (sales)
    Expense: ₹20 (posters)
    Expense: ₹90 (stall fee)
    How much is the loss (in ₹)?
24. 24.Which of these is an expense (money out)? (a) paying the stall fee (b) payment for a cake order (c) a card order paid (d) money from sales
25. 25.📒 Income or expense: printing posters? (a) expense (b) income
26. 26.Which of these is income (money in)? (a) bus fare to the market (b) paying the stall fee (c) money from sales (d) buying lemons
27. 27.Which of these is income (money in)? (a) paying the stall fee (b) buying lemons (c) bus fare to the market (d) payment for a cake order
28. 28.True or false: “payment for a cake order” is income (money in). (a) True (b) False
29. 29.Farhan’s income was ₹130 and the profit was ₹30. One expense was ₹40 (lemons). How much was the other expense, for stall fee (in ₹)?
30. 30.Meera’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹20 (transport)
    Expense: ₹40 (paper cups)
    How much is the loss (in ₹)?
31. 31.Kavya’s income was ₹110 and the profit was ₹20. One expense was ₹70 (card paper). How much was the other expense, for paper cups (in ₹)?
32. 32.📒 Why write down every sale and cost? (a) to know the real profit (b) to fill a notebook (c) no reason (d) to look busy
33. 33.Zoya’s record for the day:
    Income: ₹300 (morning sales)
    Income: ₹60 (evening sales)
    Expense: ₹180 (sugar)
    Expense: ₹140 (posters)
    What is the profit (in ₹)?
34. 34.Which of these is income (money in)? (a) tutoring fees received (b) buying paper cups (c) paying the stall fee (d) printing posters
35. 35.📒 Income or expense: bus fare to the market? (a) expense (b) income
36. 36.Lakshmi’s stall took in ₹340 on Friday, ₹340 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
37. 37.True or false: “a card order paid” is income (money in). (a) False (b) True
38. 38.True or false: “paying the stall fee” is income (money in). (a) True (b) False
39. 39.Vihaan’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹40 (sugar)
    Expense: ₹60 (transport)
    What is the profit (in ₹)?
40. 40.Joseph’s stall took in ₹120 on Friday, ₹310 on Saturday and ₹130 on Sunday. What was the total income (in ₹)?

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