Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 478 · 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 an expense (money out)? (a) cash from selling plants (b) tutoring fees received (c) a card order paid (d) printing posters
2. 2.📒 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
3. 3.Aarav’s stall took in ₹330 on Friday, ₹350 on Saturday and ₹140 on Sunday. What was the total income (in ₹)?
4. 4.📒 Income or expense: cash from selling plants? (a) income (b) expense
5. 5.Which of these is an expense (money out)? (a) cash from selling plants (b) paying the stall fee (c) tutoring fees received (d) money from sales
6. 6.➖ Profit in your records = (a) income + expenses (b) income − expenses (c) expenses − income (d) just the income
7. 7.Lakshmi’s record for the day:
   Income: ₹100 (morning sales)
   Income: ₹220 (evening sales)
   Expense: ₹150 (paper cups)
   Expense: ₹20 (sugar)
   What is the profit (in ₹)?
8. 8.True or false: “a card order paid” is an expense (money out). (a) True (b) False
9. 9.True or false: “bus fare to the market” is income (money in). (a) False (b) True
10. 10.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
11. 11.Farhan’s record for a rainy day:
    Income: ₹150 (sales)
    Expense: ₹20 (lemons)
    Expense: ₹200 (sugar)
    How much is the loss (in ₹)?
12. 12.Zoya’s income was ₹140 and the profit was ₹120. One expense was ₹10 (posters). How much was the other expense, for sugar (in ₹)?
13. 13.Which of these is income (money in)? (a) printing posters (b) buying lemons (c) buying paper cups (d) tutoring fees received
14. 14.🧾 What should you keep after buying supplies? (a) nothing (b) a selfie (c) only the bag (d) the bill or receipt
15. 15.Ananya’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹220 (stall fee)
    Expense: ₹10 (ribbon)
    How much is the loss (in ₹)?
16. 16.📒 Income or expense: buying paper cups? (a) expense (b) income
17. 17.Ishaan’s stall took in ₹100 on Friday, ₹110 on Saturday and ₹200 on Sunday. What was the total income (in ₹)?
18. 18.Aarav’s income was ₹420 and the profit was ₹380. One expense was ₹10 (ribbon). How much was the other expense, for stall fee (in ₹)?
19. 19.Ananya’s income was ₹320 and the profit was ₹120. One expense was ₹110 (lemons). How much was the other expense, for paper cups (in ₹)?
20. 20.Aarav’s stall took in ₹140 on Friday, ₹270 on Saturday and ₹330 on Sunday. What was the total income (in ₹)?
21. 21.Dev’s record for a rainy day:
    Income: ₹250 (sales)
    Expense: ₹200 (lemons)
    Expense: ₹60 (transport)
    How much is the loss (in ₹)?
22. 22.True or false: “money from sales” 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) False (b) True
24. 24.Which of these is income (money in)? (a) buying lemons (b) buying paper cups (c) bus fare to the market (d) payment for a cake order
25. 25.📒 Income or expense: money from sales? (a) income (b) expense
26. 26.📅 When is the best time to update your records? (a) never (b) whenever you like (c) the same day (d) once a year
27. 27.Lakshmi’s record for the day:
    Income: ₹230 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹170 (transport)
    Expense: ₹90 (lemons)
    What is the profit (in ₹)?
28. 28.Ishaan’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹10 (card paper)
    Expense: ₹120 (posters)
    How much is the loss (in ₹)?
29. 29.True or false: “money from sales” is income (money in). (a) False (b) True
30. 30.📒 Income or expense: paying the stall fee? (a) expense (b) income
31. 31.Vihaan’s record for the day:
    Income: ₹370 (morning sales)
    Income: ₹60 (evening sales)
    Expense: ₹150 (card paper)
    Expense: ₹30 (ribbon)
    What is the profit (in ₹)?
32. 32.Kabir’s record for the day:
    Income: ₹200 (morning sales)
    Income: ₹100 (evening sales)
    Expense: ₹200 (posters)
    Expense: ₹20 (paper cups)
    What is the profit (in ₹)?
33. 33.True or false: “a card order paid” is income (money in). (a) False (b) True
34. 34.Riya’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹60 (evening sales)
    Expense: ₹70 (posters)
    Expense: ₹20 (card paper)
    What is the profit (in ₹)?
35. 35.Ananya’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹40 (stall fee)
    Expense: ₹140 (sugar)
    What is the profit (in ₹)?
36. 36.Tara’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹160 (evening sales)
    Expense: ₹40 (lemons)
    Expense: ₹180 (stall fee)
    What is the profit (in ₹)?
37. 37.Which of these is an expense (money out)? (a) cash from selling plants (b) payment for a cake order (c) a card order paid (d) buying lemons
38. 38.Dev’s record for the day:
    Income: ₹100 (morning sales)
    Income: ₹180 (evening sales)
    Expense: ₹120 (stall fee)
    Expense: ₹90 (paper cups)
    What is the profit (in ₹)?
39. 39.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
40. 40.True or false: “printing posters” is an expense (money out). (a) False (b) True

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