Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 523 · 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.Farhan’s stall took in ₹370 on Friday, ₹360 on Saturday and ₹240 on Sunday. What was the total income (in ₹)?
2. 2.True or false: “buying paper cups” is income (money in). (a) False (b) True
3. 3.Aarav’s record for the day:
   Income: ₹150 (morning sales)
   Income: ₹50 (evening sales)
   Expense: ₹110 (posters)
   Expense: ₹60 (card paper)
   What is the profit (in ₹)?
4. 4.Ishaan’s record for a rainy day:
   Income: ₹100 (sales)
   Expense: ₹30 (ribbon)
   Expense: ₹120 (transport)
   How much is the loss (in ₹)?
5. 5.📒 Why write down every sale and cost? (a) no reason (b) to fill a notebook (c) to know the real profit (d) to look busy
6. 6.Meera’s income was ₹190 and the profit was ₹40. One expense was ₹120 (posters). How much was the other expense, for transport (in ₹)?
7. 7.Kabir’s stall took in ₹390 on Friday, ₹370 on Saturday and ₹50 on Sunday. What was the total income (in ₹)?
8. 8.📒 Income or expense: a card order paid? (a) expense (b) income
9. 9.Riya’s record for the day:
   Income: ₹340 (morning sales)
   Income: ₹250 (evening sales)
   Expense: ₹160 (card paper)
   Expense: ₹200 (stall fee)
   What is the profit (in ₹)?
10. 10.Aarav’s stall took in ₹70 on Friday, ₹110 on Saturday and ₹310 on Sunday. What was the total income (in ₹)?
11. 11.Joseph’s record for a rainy day:
    Income: ₹130 (sales)
    Expense: ₹30 (lemons)
    Expense: ₹130 (paper cups)
    How much is the loss (in ₹)?
12. 12.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
13. 13.Arjun’s income was ₹110 and the profit was ₹40. One expense was ₹60 (ribbon). How much was the other expense, for card paper (in ₹)?
14. 14.Which of these is an expense (money out)? (a) money from sales (b) tutoring fees received (c) payment for a cake order (d) paying the stall fee
15. 15.Arjun’s stall took in ₹310 on Friday, ₹130 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
16. 16.📅 When is the best time to update your records? (a) whenever you like (b) once a year (c) never (d) the same day
17. 17.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
18. 18.Which of these is income (money in)? (a) printing posters (b) payment for a cake order (c) buying paper cups (d) buying lemons
19. 19.True or false: “paying the stall fee” is income (money in). (a) False (b) True
20. 20.Kavya’s stall took in ₹370 on Friday, ₹180 on Saturday and ₹110 on Sunday. What was the total income (in ₹)?
21. 21.Arjun’s income was ₹370 and the profit was ₹140. One expense was ₹90 (sugar). How much was the other expense, for paper cups (in ₹)?
22. 22.Aarav’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹40 (sugar)
    Expense: ₹130 (paper cups)
    How much is the loss (in ₹)?
23. 23.➖ Profit in your records = (a) income − expenses (b) just the income (c) income + expenses (d) expenses − income
24. 24.Which of these is an expense (money out)? (a) a card order paid (b) payment for a cake order (c) tutoring fees received (d) buying lemons
25. 25.📒 Income or expense: tutoring fees received? (a) income (b) expense
26. 26.Dev’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹90 (stall fee)
    Expense: ₹20 (posters)
    How much is the loss (in ₹)?
27. 27.Tara’s income was ₹480 and the profit was ₹430. One expense was ₹30 (transport). How much was the other expense, for stall fee (in ₹)?
28. 28.Lakshmi’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹40 (ribbon)
    Expense: ₹20 (paper cups)
    What is the profit (in ₹)?
29. 29.Which of these is an expense (money out)? (a) money from sales (b) tutoring fees received (c) a card order paid (d) bus fare to the market
30. 30.Saanvi’s record for the day:
    Income: ₹170 (morning sales)
    Income: ₹90 (evening sales)
    Expense: ₹160 (paper cups)
    Expense: ₹50 (ribbon)
    What is the profit (in ₹)?
31. 31.Vihaan’s stall took in ₹230 on Friday, ₹240 on Saturday and ₹240 on Sunday. What was the total income (in ₹)?
32. 32.📒 Income or expense: money from sales? (a) income (b) expense
33. 33.Aarav’s record for the day:
    Income: ₹270 (morning sales)
    Income: ₹100 (evening sales)
    Expense: ₹110 (sugar)
    Expense: ₹160 (ribbon)
    What is the profit (in ₹)?
34. 34.Nisha’s record for the day:
    Income: ₹200 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹60 (lemons)
    Expense: ₹90 (paper cups)
    What is the profit (in ₹)?
35. 35.📒 Income or expense: buying lemons? (a) income (b) expense
36. 36.📒 Income or expense: paying the stall fee? (a) expense (b) income
37. 37.🧾 What should you keep after buying supplies? (a) only the bag (b) a selfie (c) nothing (d) the bill or receipt
38. 38.📒 Income or expense: cash from selling plants? (a) expense (b) income
39. 39.Dev’s income was ₹110 and the profit was ₹40. One expense was ₹40 (lemons). How much was the other expense, for paper cups (in ₹)?
40. 40.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True

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