Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 535 · 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) once a year (b) the same day (c) whenever you like (d) never
2. 2.Rohan’s income was ₹180 and the profit was ₹160. One expense was ₹10 (paper cups). How much was the other expense, for stall fee (in ₹)?
3. 3.📒 Income or expense: buying paper cups? (a) expense (b) income
4. 4.Which of these is an expense (money out)? (a) a card order paid (b) money from sales (c) paying the stall fee (d) tutoring fees received
5. 5.📒 Income or expense: buying lemons? (a) income (b) expense
6. 6.Tara’s record for the day:
   Income: ₹270 (morning sales)
   Income: ₹80 (evening sales)
   Expense: ₹100 (paper cups)
   Expense: ₹150 (lemons)
   What is the profit (in ₹)?
7. 7.Vihaan’s record for the day:
   Income: ₹80 (morning sales)
   Income: ₹180 (evening sales)
   Expense: ₹150 (sugar)
   Expense: ₹60 (lemons)
   What is the profit (in ₹)?
8. 8.📒 Income or expense: paying the stall fee? (a) income (b) expense
9. 9.Zoya’s income was ₹480 and the profit was ₹230. One expense was ₹190 (paper cups). How much was the other expense, for stall fee (in ₹)?
10. 10.Ananya’s stall took in ₹370 on Friday, ₹380 on Saturday and ₹240 on Sunday. What was the total income (in ₹)?
11. 11.Which of these is an expense (money out)? (a) a card order paid (b) money from sales (c) bus fare to the market (d) cash from selling plants
12. 12.🧾 What should you keep after buying supplies? (a) only the bag (b) nothing (c) a selfie (d) the bill or receipt
13. 13.📒 Income or expense: a card order paid? (a) income (b) expense
14. 14.Rohan’s record for the day:
    Income: ₹150 (morning sales)
    Income: ₹100 (evening sales)
    Expense: ₹60 (posters)
    Expense: ₹170 (lemons)
    What is the profit (in ₹)?
15. 15.📒 Income or expense: bus fare to the market? (a) income (b) expense
16. 16.Which of these is an expense (money out)? (a) printing posters (b) cash from selling plants (c) payment for a cake order (d) a card order paid
17. 17.Tara’s record for the day:
    Income: ₹40 (morning sales)
    Income: ₹240 (evening sales)
    Expense: ₹80 (sugar)
    Expense: ₹40 (ribbon)
    What is the profit (in ₹)?
18. 18.Ishaan’s income was ₹100 and the profit was ₹40. One expense was ₹10 (lemons). How much was the other expense, for card paper (in ₹)?
19. 19.➖ Profit in your records = (a) income + expenses (b) just the income (c) expenses − income (d) income − expenses
20. 20.📒 Income or expense: money from sales? (a) income (b) expense
21. 21.Dev’s stall took in ₹310 on Friday, ₹340 on Saturday and ₹250 on Sunday. What was the total income (in ₹)?
22. 22.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
23. 23.True or false: “paying the stall fee” is income (money in). (a) False (b) True
24. 24.Farhan’s record for the day:
    Income: ₹110 (morning sales)
    Income: ₹300 (evening sales)
    Expense: ₹120 (card paper)
    Expense: ₹120 (paper cups)
    What is the profit (in ₹)?
25. 25.Which of these is income (money in)? (a) paying the stall fee (b) buying lemons (c) a card order paid (d) printing posters
26. 26.Which of these is income (money in)? (a) paying the stall fee (b) buying paper cups (c) cash from selling plants (d) buying lemons
27. 27.Which of these is income (money in)? (a) buying paper cups (b) paying the stall fee (c) buying lemons (d) tutoring fees received
28. 28.Gurpreet’s income was ₹440 and the profit was ₹350. One expense was ₹50 (ribbon). How much was the other expense, for transport (in ₹)?
29. 29.Diya’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹100 (ribbon)
    Expense: ₹10 (transport)
    How much is the loss (in ₹)?
30. 30.Meera’s record for a rainy day:
    Income: ₹160 (sales)
    Expense: ₹70 (lemons)
    Expense: ₹130 (stall fee)
    How much is the loss (in ₹)?
31. 31.Tara’s record for a rainy day:
    Income: ₹300 (sales)
    Expense: ₹70 (sugar)
    Expense: ₹290 (lemons)
    How much is the loss (in ₹)?
32. 32.📒 Income or expense: printing posters? (a) expense (b) income
33. 33.Diya’s stall took in ₹250 on Friday, ₹370 on Saturday and ₹350 on Sunday. What was the total income (in ₹)?
34. 34.📒 Why write down every sale and cost? (a) no reason (b) to fill a notebook (c) to look busy (d) to know the real profit
35. 35.Which of these is income (money in)? (a) buying paper cups (b) money from sales (c) paying the stall fee (d) buying lemons
36. 36.True or false: “money from sales” is income (money in). (a) True (b) False
37. 37.Riya’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹260 (evening sales)
    Expense: ₹190 (posters)
    Expense: ₹70 (stall fee)
    What is the profit (in ₹)?
38. 38.Nisha’s stall took in ₹320 on Friday, ₹70 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
39. 39.Tara’s income was ₹280 and the profit was ₹40. One expense was ₹170 (card paper). How much was the other expense, for lemons (in ₹)?
40. 40.📒 Income or expense: cash from selling plants? (a) expense (b) income

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