Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 480 · 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) False (b) True
2. 2.Rohan’s income was ₹420 and the profit was ₹150. One expense was ₹20 (ribbon). How much was the other expense, for lemons (in ₹)?
3. 3.📒 Income or expense: printing posters? (a) expense (b) income
4. 4.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
5. 5.Farhan’s record for a rainy day:
   Income: ₹180 (sales)
   Expense: ₹50 (sugar)
   Expense: ₹150 (ribbon)
   How much is the loss (in ₹)?
6. 6.Vihaan’s record for a rainy day:
   Income: ₹230 (sales)
   Expense: ₹130 (posters)
   Expense: ₹140 (lemons)
   How much is the loss (in ₹)?
7. 7.📅 When is the best time to update your records? (a) whenever you like (b) once a year (c) never (d) the same day
8. 8.Farhan’s income was ₹260 and the profit was ₹10. One expense was ₹160 (lemons). How much was the other expense, for ribbon (in ₹)?
9. 9.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
10. 10.Joseph’s income was ₹200 and the profit was ₹100. One expense was ₹10 (card paper). How much was the other expense, for lemons (in ₹)?
11. 11.➖ Profit in your records = (a) just the income (b) income − expenses (c) income + expenses (d) expenses − income
12. 12.Rohan’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹140 (paper cups)
    Expense: ₹180 (transport)
    How much is the loss (in ₹)?
13. 13.True or false: “payment for a cake order” is income (money in). (a) False (b) True
14. 14.📒 Income or expense: paying the stall fee? (a) income (b) expense
15. 15.Zoya’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹130 (card paper)
    Expense: ₹150 (transport)
    How much is the loss (in ₹)?
16. 16.Ishaan’s record for the day:
    Income: ₹300 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹60 (posters)
    Expense: ₹100 (lemons)
    What is the profit (in ₹)?
17. 17.📒 Income or expense: buying paper cups? (a) income (b) expense
18. 18.📒 Income or expense: tutoring fees received? (a) expense (b) income
19. 19.📒 Why write down every sale and cost? (a) to know the real profit (b) to fill a notebook (c) to look busy (d) no reason
20. 20.Tara’s income was ₹430 and the profit was ₹400. One expense was ₹10 (posters). How much was the other expense, for transport (in ₹)?
21. 21.Saanvi’s record for the day:
    Income: ₹390 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹190 (transport)
    Expense: ₹40 (lemons)
    What is the profit (in ₹)?
22. 22.Tara’s record for the day:
    Income: ₹120 (morning sales)
    Income: ₹390 (evening sales)
    Expense: ₹150 (paper cups)
    Expense: ₹150 (card paper)
    What is the profit (in ₹)?
23. 23.📒 Income or expense: buying lemons? (a) expense (b) income
24. 24.Meera’s record for the day:
    Income: ₹450 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹170 (ribbon)
    Expense: ₹70 (card paper)
    What is the profit (in ₹)?
25. 25.Joseph’s record for the day:
    Income: ₹150 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹50 (card paper)
    Expense: ₹30 (posters)
    What is the profit (in ₹)?
26. 26.📒 Income or expense: a card order paid? (a) income (b) expense
27. 27.Diya’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹180 (paper cups)
    Expense: ₹200 (transport)
    How much is the loss (in ₹)?
28. 28.Which of these is an expense (money out)? (a) cash from selling plants (b) buying paper cups (c) money from sales (d) a card order paid
29. 29.Which of these is an expense (money out)? (a) money from sales (b) tutoring fees received (c) buying lemons (d) payment for a cake order
30. 30.📒 Income or expense: bus fare to the market? (a) income (b) expense
31. 31.🧾 What should you keep after buying supplies? (a) a selfie (b) the bill or receipt (c) only the bag (d) nothing
32. 32.Which of these is an expense (money out)? (a) tutoring fees received (b) a card order paid (c) payment for a cake order (d) paying the stall fee
33. 33.Joseph’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹490 (evening sales)
    Expense: ₹70 (stall fee)
    Expense: ₹190 (posters)
    What is the profit (in ₹)?
34. 34.Ananya’s income was ₹400 and the profit was ₹60. One expense was ₹300 (lemons). How much was the other expense, for ribbon (in ₹)?
35. 35.Zoya’s income was ₹240 and the profit was ₹140. One expense was ₹30 (paper cups). How much was the other expense, for lemons (in ₹)?
36. 36.Kavya’s stall took in ₹130 on Friday, ₹160 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
37. 37.Gurpreet’s stall took in ₹330 on Friday, ₹80 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
38. 38.Aarav’s income was ₹450 and the profit was ₹130. One expense was ₹200 (ribbon). How much was the other expense, for card paper (in ₹)?
39. 39.Lakshmi’s income was ₹460 and the profit was ₹220. One expense was ₹140 (transport). How much was the other expense, for paper cups (in ₹)?
40. 40.Which of these is income (money in)? (a) paying the stall fee (b) bus fare to the market (c) buying lemons (d) a card order paid

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