Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 542 · 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.True or false: “money from sales” is income (money in). (a) True (b) False
2. 2.Farhan’s record for a rainy day:
   Income: ₹120 (sales)
   Expense: ₹120 (stall fee)
   Expense: ₹40 (ribbon)
   How much is the loss (in ₹)?
3. 3.Gurpreet’s income was ₹260 and the profit was ₹240. One expense was ₹10 (lemons). How much was the other expense, for transport (in ₹)?
4. 4.📒 Income or expense: a card order paid? (a) expense (b) income
5. 5.Which of these is income (money in)? (a) buying lemons (b) paying the stall fee (c) cash from selling plants (d) printing posters
6. 6.Rohan’s record for a rainy day:
   Income: ₹70 (sales)
   Expense: ₹90 (transport)
   Expense: ₹30 (stall fee)
   How much is the loss (in ₹)?
7. 7.📒 Income or expense: bus fare to the market? (a) expense (b) income
8. 8.Which of these is an expense (money out)? (a) bus fare to the market (b) payment for a cake order (c) money from sales (d) tutoring fees received
9. 9.Zoya’s stall took in ₹390 on Friday, ₹350 on Saturday and ₹300 on Sunday. What was the total income (in ₹)?
10. 10.Which of these is income (money in)? (a) bus fare to the market (b) buying paper cups (c) buying lemons (d) tutoring fees received
11. 11.➖ Profit in your records = (a) income + expenses (b) just the income (c) income − expenses (d) expenses − income
12. 12.Riya’s record for the day:
    Income: ₹320 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹140 (stall fee)
    Expense: ₹80 (transport)
    What is the profit (in ₹)?
13. 13.Ananya’s record for the day:
    Income: ₹60 (morning sales)
    Income: ₹260 (evening sales)
    Expense: ₹60 (stall fee)
    Expense: ₹90 (ribbon)
    What is the profit (in ₹)?
14. 14.Ishaan’s income was ₹220 and the profit was ₹100. One expense was ₹20 (sugar). How much was the other expense, for stall fee (in ₹)?
15. 15.True or false: “payment for a cake order” is income (money in). (a) True (b) False
16. 16.📒 Income or expense: tutoring fees received? (a) income (b) expense
17. 17.📅 When is the best time to update your records? (a) never (b) whenever you like (c) once a year (d) the same day
18. 18.Ishaan’s record for the day:
    Income: ₹60 (morning sales)
    Income: ₹410 (evening sales)
    Expense: ₹170 (lemons)
    Expense: ₹140 (posters)
    What is the profit (in ₹)?
19. 19.Ishaan’s income was ₹420 and the profit was ₹390. One expense was ₹10 (card paper). How much was the other expense, for stall fee (in ₹)?
20. 20.Vihaan’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹350 (evening sales)
    Expense: ₹50 (paper cups)
    Expense: ₹200 (ribbon)
    What is the profit (in ₹)?
21. 21.📒 Income or expense: paying the stall fee? (a) income (b) expense
22. 22.Nisha’s record for the day:
    Income: ₹170 (morning sales)
    Income: ₹70 (evening sales)
    Expense: ₹30 (sugar)
    Expense: ₹140 (stall fee)
    What is the profit (in ₹)?
23. 23.📒 Income or expense: printing posters? (a) expense (b) income
24. 24.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
25. 25.Vihaan’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹20 (lemons)
    Expense: ₹110 (sugar)
    What is the profit (in ₹)?
26. 26.Vihaan’s stall took in ₹160 on Friday, ₹160 on Saturday and ₹330 on Sunday. What was the total income (in ₹)?
27. 27.Which of these is income (money in)? (a) buying lemons (b) paying the stall fee (c) bus fare to the market (d) money from sales
28. 28.📒 Income or expense: cash from selling plants? (a) income (b) expense
29. 29.Which of these is an expense (money out)? (a) buying lemons (b) payment for a cake order (c) money from sales (d) cash from selling plants
30. 30.📒 Income or expense: buying paper cups? (a) expense (b) income
31. 31.Which of these is an expense (money out)? (a) payment for a cake order (b) paying the stall fee (c) tutoring fees received (d) money from sales
32. 32.True or false: “buying paper cups” is an expense (money out). (a) True (b) False
33. 33.Riya’s income was ₹180 and the profit was ₹120. One expense was ₹40 (transport). How much was the other expense, for posters (in ₹)?
34. 34.📒 Income or expense: money from sales? (a) expense (b) income
35. 35.True or false: “buying paper cups” is income (money in). (a) True (b) False
36. 36.🧾 What should you keep after buying supplies? (a) only the bag (b) a selfie (c) nothing (d) the bill or receipt
37. 37.Arjun’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹480 (evening sales)
    Expense: ₹20 (ribbon)
    Expense: ₹170 (transport)
    What is the profit (in ₹)?
38. 38.Saanvi’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹30 (paper cups)
    Expense: ₹80 (posters)
    How much is the loss (in ₹)?
39. 39.Tara’s record for a rainy day:
    Income: ₹230 (sales)
    Expense: ₹210 (card paper)
    Expense: ₹60 (lemons)
    How much is the loss (in ₹)?
40. 40.Kavya’s record for the day:
    Income: ₹370 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹150 (lemons)
    Expense: ₹40 (ribbon)
    What is the profit (in ₹)?

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