Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 477 · 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.➖ Profit in your records = (a) income − expenses (b) expenses − income (c) income + expenses (d) just the income
2. 2.Which of these is an expense (money out)? (a) cash from selling plants (b) buying lemons (c) tutoring fees received (d) money from sales
3. 3.📒 Income or expense: tutoring fees received? (a) income (b) expense
4. 4.📅 When is the best time to update your records? (a) whenever you like (b) never (c) the same day (d) once a year
5. 5.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
6. 6.📒 Income or expense: buying lemons? (a) income (b) expense
7. 7.Kabir’s stall took in ₹60 on Friday, ₹120 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?
8. 8.📒 Why write down every sale and cost? (a) no reason (b) to know the real profit (c) to look busy (d) to fill a notebook
9. 9.Which of these is income (money in)? (a) paying the stall fee (b) buying paper cups (c) bus fare to the market (d) payment for a cake order
10. 10.True or false: “cash from selling plants” is income (money in). (a) False (b) True
11. 11.Saanvi’s record for the day:
    Income: ₹150 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹70 (paper cups)
    Expense: ₹60 (transport)
    What is the profit (in ₹)?
12. 12.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
13. 13.📒 Income or expense: bus fare to the market? (a) income (b) expense
14. 14.📒 Income or expense: payment for a cake order? (a) income (b) expense
15. 15.Gurpreet’s record for the day:
    Income: ₹160 (morning sales)
    Income: ₹230 (evening sales)
    Expense: ₹180 (sugar)
    Expense: ₹170 (paper cups)
    What is the profit (in ₹)?
16. 16.📒 Income or expense: a card order paid? (a) expense (b) income
17. 17.True or false: “a card order paid” is income (money in). (a) False (b) True
18. 18.Aarav’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹70 (sugar)
    Expense: ₹20 (posters)
    How much is the loss (in ₹)?
19. 19.Rohan’s record for the day:
    Income: ₹250 (morning sales)
    Income: ₹110 (evening sales)
    Expense: ₹70 (lemons)
    Expense: ₹60 (stall fee)
    What is the profit (in ₹)?
20. 20.Joseph’s record for the day:
    Income: ₹170 (morning sales)
    Income: ₹90 (evening sales)
    Expense: ₹100 (transport)
    Expense: ₹70 (paper cups)
    What is the profit (in ₹)?
21. 21.True or false: “a card order paid” is an expense (money out). (a) True (b) False
22. 22.Ishaan’s stall took in ₹370 on Friday, ₹50 on Saturday and ₹280 on Sunday. What was the total income (in ₹)?
23. 23.📒 Income or expense: printing posters? (a) income (b) expense
24. 24.True or false: “money from sales” is income (money in). (a) False (b) True
25. 25.📒 Income or expense: buying paper cups? (a) income (b) expense
26. 26.Which of these is an expense (money out)? (a) payment for a cake order (b) cash from selling plants (c) money from sales (d) printing posters
27. 27.Lakshmi’s income was ₹310 and the profit was ₹60. One expense was ₹130 (lemons). How much was the other expense, for posters (in ₹)?
28. 28.Aarav’s record for a rainy day:
    Income: ₹280 (sales)
    Expense: ₹320 (transport)
    Expense: ₹20 (lemons)
    How much is the loss (in ₹)?
29. 29.📒 Income or expense: money from sales? (a) expense (b) income
30. 30.Which of these is income (money in)? (a) printing posters (b) bus fare to the market (c) cash from selling plants (d) buying paper cups
31. 31.Lakshmi’s income was ₹220 and the profit was ₹130. One expense was ₹20 (ribbon). How much was the other expense, for paper cups (in ₹)?
32. 32.Gurpreet’s income was ₹180 and the profit was ₹60. One expense was ₹100 (paper cups). How much was the other expense, for lemons (in ₹)?
33. 33.Which of these is income (money in)? (a) bus fare to the market (b) money from sales (c) buying paper cups (d) paying the stall fee
34. 34.Saanvi’s record for a rainy day:
    Income: ₹140 (sales)
    Expense: ₹100 (lemons)
    Expense: ₹50 (posters)
    How much is the loss (in ₹)?
35. 35.Saanvi’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹70 (evening sales)
    Expense: ₹30 (ribbon)
    Expense: ₹30 (sugar)
    What is the profit (in ₹)?
36. 36.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) nothing (c) a selfie (d) only the bag
37. 37.Which of these is an expense (money out)? (a) cash from selling plants (b) tutoring fees received (c) bus fare to the market (d) payment for a cake order
38. 38.Ishaan’s stall took in ₹210 on Friday, ₹310 on Saturday and ₹290 on Sunday. What was the total income (in ₹)?
39. 39.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
40. 40.Zoya’s stall took in ₹210 on Friday, ₹310 on Saturday and ₹120 on Sunday. What was the total income (in ₹)?

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