Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 503 · 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.📅 When is the best time to update your records? (a) whenever you like (b) the same day (c) never (d) once a year
2. 2.Zoya’s record for the day:
   Income: ₹60 (morning sales)
   Income: ₹120 (evening sales)
   Expense: ₹30 (sugar)
   Expense: ₹70 (stall fee)
   What is the profit (in ₹)?
3. 3.Which of these is income (money in)? (a) buying paper cups (b) printing posters (c) a card order paid (d) bus fare to the market
4. 4.Which of these is income (money in)? (a) printing posters (b) buying paper cups (c) bus fare to the market (d) money from sales
5. 5.Ananya’s record for the day:
   Income: ₹240 (morning sales)
   Income: ₹60 (evening sales)
   Expense: ₹60 (posters)
   Expense: ₹200 (ribbon)
   What is the profit (in ₹)?
6. 6.📒 Income or expense: printing posters? (a) income (b) expense
7. 7.📒 Income or expense: bus fare to the market? (a) expense (b) income
8. 8.📒 Income or expense: money from sales? (a) expense (b) income
9. 9.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
10. 10.Which of these is income (money in)? (a) buying paper cups (b) buying lemons (c) tutoring fees received (d) printing posters
11. 11.Vihaan’s record for the day:
    Income: ₹360 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹200 (ribbon)
    Expense: ₹90 (stall fee)
    What is the profit (in ₹)?
12. 12.Diya’s income was ₹430 and the profit was ₹270. One expense was ₹90 (posters). How much was the other expense, for paper cups (in ₹)?
13. 13.Which of these is an expense (money out)? (a) buying lemons (b) cash from selling plants (c) a card order paid (d) money from sales
14. 14.Arjun’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹160 (card paper)
    Expense: ₹190 (ribbon)
    How much is the loss (in ₹)?
15. 15.Joseph’s income was ₹260 and the profit was ₹90. One expense was ₹20 (lemons). How much was the other expense, for ribbon (in ₹)?
16. 16.Gurpreet’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹270 (paper cups)
    Expense: ₹70 (stall fee)
    How much is the loss (in ₹)?
17. 17.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
18. 18.Tara’s stall took in ₹380 on Friday, ₹100 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
19. 19.True or false: “buying lemons” is income (money in). (a) False (b) True
20. 20.📒 Income or expense: cash from selling plants? (a) income (b) expense
21. 21.📒 Income or expense: payment for a cake order? (a) expense (b) income
22. 22.Diya’s record for the day:
    Income: ₹140 (morning sales)
    Income: ₹170 (evening sales)
    Expense: ₹20 (lemons)
    Expense: ₹50 (paper cups)
    What is the profit (in ₹)?
23. 23.Farhan’s record for the day:
    Income: ₹110 (morning sales)
    Income: ₹310 (evening sales)
    Expense: ₹60 (sugar)
    Expense: ₹130 (paper cups)
    What is the profit (in ₹)?
24. 24.Which of these is income (money in)? (a) paying the stall fee (b) printing posters (c) cash from selling plants (d) bus fare to the market
25. 25.🧾 What should you keep after buying supplies? (a) only the bag (b) a selfie (c) the bill or receipt (d) nothing
26. 26.Saanvi’s stall took in ₹210 on Friday, ₹70 on Saturday and ₹110 on Sunday. What was the total income (in ₹)?
27. 27.Which of these is an expense (money out)? (a) cash from selling plants (b) buying paper cups (c) tutoring fees received (d) money from sales
28. 28.Aarav’s income was ₹230 and the profit was ₹80. One expense was ₹120 (ribbon). How much was the other expense, for card paper (in ₹)?
29. 29.📒 Income or expense: tutoring fees received? (a) income (b) expense
30. 30.True or false: “payment for a cake order” is income (money in). (a) True (b) False
31. 31.True or false: “tutoring fees received” is income (money in). (a) True (b) False
32. 32.Lakshmi’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹50 (stall fee)
    Expense: ₹180 (ribbon)
    How much is the loss (in ₹)?
33. 33.Tara’s income was ₹320 and the profit was ₹100. One expense was ₹80 (sugar). How much was the other expense, for stall fee (in ₹)?
34. 34.Diya’s record for the day:
    Income: ₹250 (morning sales)
    Income: ₹300 (evening sales)
    Expense: ₹180 (stall fee)
    Expense: ₹80 (posters)
    What is the profit (in ₹)?
35. 35.➖ Profit in your records = (a) income + expenses (b) just the income (c) expenses − income (d) income − expenses
36. 36.📒 Income or expense: buying lemons? (a) income (b) expense
37. 37.True or false: “paying the stall fee” is income (money in). (a) True (b) False
38. 38.Joseph’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹160 (card paper)
    Expense: ₹60 (sugar)
    How much is the loss (in ₹)?
39. 39.📒 Why write down every sale and cost? (a) to look busy (b) to know the real profit (c) to fill a notebook (d) no reason
40. 40.True or false: “money from sales” is an expense (money out). (a) False (b) True

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