Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 508 · 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) income − expenses (c) just the income (d) expenses − income
2. 2.📒 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
3. 3.📒 Income or expense: printing posters? (a) income (b) expense
4. 4.Meera’s record for the day:
   Income: ₹10 (morning sales)
   Income: ₹430 (evening sales)
   Expense: ₹120 (transport)
   Expense: ₹110 (ribbon)
   What is the profit (in ₹)?
5. 5.Diya’s stall took in ₹240 on Friday, ₹370 on Saturday and ₹120 on Sunday. What was the total income (in ₹)?
6. 6.Vihaan’s record for the day:
   Income: ₹120 (morning sales)
   Income: ₹260 (evening sales)
   Expense: ₹150 (posters)
   Expense: ₹120 (ribbon)
   What is the profit (in ₹)?
7. 7.📅 When is the best time to update your records? (a) once a year (b) never (c) the same day (d) whenever you like
8. 8.📒 Income or expense: cash from selling plants? (a) income (b) expense
9. 9.Gurpreet’s stall took in ₹330 on Friday, ₹260 on Saturday and ₹320 on Sunday. What was the total income (in ₹)?
10. 10.Ishaan’s income was ₹460 and the profit was ₹340. One expense was ₹20 (transport). How much was the other expense, for lemons (in ₹)?
11. 11.Joseph’s income was ₹150 and the profit was ₹10. One expense was ₹110 (ribbon). How much was the other expense, for card paper (in ₹)?
12. 12.📒 Income or expense: a card order paid? (a) expense (b) income
13. 13.🧾 What should you keep after buying supplies? (a) a selfie (b) nothing (c) only the bag (d) the bill or receipt
14. 14.Farhan’s record for the day:
    Income: ₹140 (morning sales)
    Income: ₹150 (evening sales)
    Expense: ₹200 (paper cups)
    Expense: ₹70 (posters)
    What is the profit (in ₹)?
15. 15.Joseph’s record for the day:
    Income: ₹390 (morning sales)
    Income: ₹90 (evening sales)
    Expense: ₹170 (ribbon)
    Expense: ₹30 (stall fee)
    What is the profit (in ₹)?
16. 16.True or false: “tutoring fees received” is income (money in). (a) True (b) False
17. 17.📒 Income or expense: buying paper cups? (a) expense (b) income
18. 18.Which of these is an expense (money out)? (a) cash from selling plants (b) paying the stall fee (c) money from sales (d) tutoring fees received
19. 19.Which of these is income (money in)? (a) paying the stall fee (b) printing posters (c) buying lemons (d) money from sales
20. 20.Ishaan’s income was ₹290 and the profit was ₹220. One expense was ₹20 (stall fee). How much was the other expense, for lemons (in ₹)?
21. 21.Meera’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹240 (evening sales)
    Expense: ₹80 (stall fee)
    Expense: ₹190 (card paper)
    What is the profit (in ₹)?
22. 22.Ananya’s stall took in ₹140 on Friday, ₹160 on Saturday and ₹240 on Sunday. What was the total income (in ₹)?
23. 23.Joseph’s record for the day:
    Income: ₹230 (morning sales)
    Income: ₹80 (evening sales)
    Expense: ₹180 (ribbon)
    Expense: ₹120 (transport)
    What is the profit (in ₹)?
24. 24.Aarav’s stall took in ₹380 on Friday, ₹60 on Saturday and ₹350 on Sunday. What was the total income (in ₹)?
25. 25.📒 Income or expense: payment for a cake order? (a) income (b) expense
26. 26.True or false: “buying paper cups” is an expense (money out). (a) True (b) False
27. 27.📒 Income or expense: money from sales? (a) expense (b) income
28. 28.Joseph’s income was ₹250 and the profit was ₹220. One expense was ₹10 (lemons). How much was the other expense, for sugar (in ₹)?
29. 29.Zoya’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹470 (evening sales)
    Expense: ₹160 (sugar)
    Expense: ₹30 (stall fee)
    What is the profit (in ₹)?
30. 30.Kabir’s stall took in ₹360 on Friday, ₹180 on Saturday and ₹300 on Sunday. What was the total income (in ₹)?
31. 31.Kabir’s income was ₹230 and the profit was ₹130. One expense was ₹90 (stall fee). How much was the other expense, for lemons (in ₹)?
32. 32.Rohan’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹100 (paper cups)
    Expense: ₹20 (sugar)
    How much is the loss (in ₹)?
33. 33.True or false: “printing posters” is income (money in). (a) True (b) False
34. 34.True or false: “money from sales” is an expense (money out). (a) True (b) False
35. 35.Ishaan’s income was ₹320 and the profit was ₹290. One expense was ₹10 (transport). How much was the other expense, for sugar (in ₹)?
36. 36.Which of these is an expense (money out)? (a) payment for a cake order (b) money from sales (c) tutoring fees received (d) buying paper cups
37. 37.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
38. 38.Aarav’s income was ₹320 and the profit was ₹270. One expense was ₹30 (posters). How much was the other expense, for stall fee (in ₹)?
39. 39.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
40. 40.True or false: “cash from selling plants” is income (money in). (a) False (b) True

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