Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 526 · 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) expenses − income (b) just the income (c) income − expenses (d) income + expenses
2. 2.True or false: “payment for a cake order” is income (money in). (a) True (b) False
3. 3.True or false: “a card order paid” is an expense (money out). (a) True (b) False
4. 4.Which of these is an expense (money out)? (a) cash from selling plants (b) tutoring fees received (c) printing posters (d) money from sales
5. 5.📒 Income or expense: a card order paid? (a) expense (b) income
6. 6.📒 Income or expense: payment for a cake order? (a) expense (b) income
7. 7.Aarav’s stall took in ₹110 on Friday, ₹300 on Saturday and ₹290 on Sunday. What was the total income (in ₹)?
8. 8.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
9. 9.True or false: “money from sales” is an expense (money out). (a) True (b) False
10. 10.Which of these is an expense (money out)? (a) a card order paid (b) buying lemons (c) payment for a cake order (d) money from sales
11. 11.📅 When is the best time to update your records? (a) the same day (b) once a year (c) whenever you like (d) never
12. 12.📒 Income or expense: paying the stall fee? (a) income (b) expense
13. 13.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
14. 14.True or false: “printing posters” is an expense (money out). (a) True (b) False
15. 15.Vihaan’s income was ₹440 and the profit was ₹360. One expense was ₹30 (stall fee). How much was the other expense, for transport (in ₹)?
16. 16.📒 Income or expense: printing posters? (a) expense (b) income
17. 17.Lakshmi’s income was ₹150 and the profit was ₹70. One expense was ₹30 (card paper). How much was the other expense, for posters (in ₹)?
18. 18.Kavya’s income was ₹500 and the profit was ₹170. One expense was ₹140 (posters). How much was the other expense, for lemons (in ₹)?
19. 19.True or false: “money from sales” is income (money in). (a) False (b) True
20. 20.True or false: “paying the stall fee” is income (money in). (a) False (b) True
21. 21.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
22. 22.📒 Income or expense: buying paper cups? (a) expense (b) income
23. 23.Which of these is income (money in)? (a) paying the stall fee (b) buying lemons (c) tutoring fees received (d) bus fare to the market
24. 24.Ananya’s record for the day:
    Income: ₹160 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹120 (ribbon)
    Expense: ₹150 (card paper)
    What is the profit (in ₹)?
25. 25.Which of these is an expense (money out)? (a) money from sales (b) tutoring fees received (c) buying paper cups (d) payment for a cake order
26. 26.📒 Income or expense: cash from selling plants? (a) income (b) expense
27. 27.Nisha’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹60 (paper cups)
    Expense: ₹130 (card paper)
    How much is the loss (in ₹)?
28. 28.Which of these is income (money in)? (a) payment for a cake order (b) buying paper cups (c) paying the stall fee (d) bus fare to the market
29. 29.Ananya’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹60 (posters)
    Expense: ₹20 (lemons)
    What is the profit (in ₹)?
30. 30.Kabir’s income was ₹240 and the profit was ₹220. One expense was ₹10 (ribbon). How much was the other expense, for sugar (in ₹)?
31. 31.📒 Income or expense: buying lemons? (a) expense (b) income
32. 32.Nisha’s income was ₹260 and the profit was ₹210. One expense was ₹30 (card paper). How much was the other expense, for paper cups (in ₹)?
33. 33.Kabir’s stall took in ₹110 on Friday, ₹220 on Saturday and ₹210 on Sunday. What was the total income (in ₹)?
34. 34.Nisha’s record for a rainy day:
    Income: ₹180 (sales)
    Expense: ₹40 (sugar)
    Expense: ₹180 (card paper)
    How much is the loss (in ₹)?
35. 35.Aarav’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹320 (paper cups)
    Expense: ₹50 (ribbon)
    How much is the loss (in ₹)?
36. 36.True or false: “cash from selling plants” is income (money in). (a) False (b) True
37. 37.Dev’s record for a rainy day:
    Income: ₹80 (sales)
    Expense: ₹110 (paper cups)
    Expense: ₹60 (lemons)
    How much is the loss (in ₹)?
38. 38.📒 Why write down every sale and cost? (a) to look busy (b) to fill a notebook (c) to know the real profit (d) no reason
39. 39.Lakshmi’s record for the day:
    Income: ₹60 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹20 (transport)
    Expense: ₹120 (card paper)
    What is the profit (in ₹)?
40. 40.Tara’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹400 (evening sales)
    Expense: ₹70 (posters)
    Expense: ₹80 (stall fee)
    What is the profit (in ₹)?

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