Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 549 · 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) never (c) the same day (d) whenever you like
2. 2.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
3. 3.Rohan’s record for the day:
   Income: ₹440 (morning sales)
   Income: ₹100 (evening sales)
   Expense: ₹150 (paper cups)
   Expense: ₹190 (stall fee)
   What is the profit (in ₹)?
4. 4.Farhan’s record for a rainy day:
   Income: ₹80 (sales)
   Expense: ₹10 (stall fee)
   Expense: ₹80 (lemons)
   How much is the loss (in ₹)?
5. 5.➖ Profit in your records = (a) income − expenses (b) just the income (c) expenses − income (d) income + expenses
6. 6.Vihaan’s record for the day:
   Income: ₹290 (morning sales)
   Income: ₹120 (evening sales)
   Expense: ₹140 (posters)
   Expense: ₹60 (stall fee)
   What is the profit (in ₹)?
7. 7.Vihaan’s stall took in ₹60 on Friday, ₹100 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
8. 8.True or false: “paying the stall fee” is an expense (money out). (a) False (b) True
9. 9.Rohan’s record for the day:
   Income: ₹10 (morning sales)
   Income: ₹400 (evening sales)
   Expense: ₹60 (transport)
   Expense: ₹80 (sugar)
   What is the profit (in ₹)?
10. 10.🧾 What should you keep after buying supplies? (a) nothing (b) only the bag (c) a selfie (d) the bill or receipt
11. 11.Nisha’s record for a rainy day:
    Income: ₹230 (sales)
    Expense: ₹140 (paper cups)
    Expense: ₹170 (transport)
    How much is the loss (in ₹)?
12. 12.Which of these is income (money in)? (a) a card order paid (b) buying lemons (c) paying the stall fee (d) bus fare to the market
13. 13.Diya’s record for the day:
    Income: ₹160 (morning sales)
    Income: ₹110 (evening sales)
    Expense: ₹160 (transport)
    Expense: ₹50 (lemons)
    What is the profit (in ₹)?
14. 14.Which of these is income (money in)? (a) buying lemons (b) buying paper cups (c) cash from selling plants (d) paying the stall fee
15. 15.Vihaan’s stall took in ₹370 on Friday, ₹250 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
16. 16.Which of these is an expense (money out)? (a) money from sales (b) cash from selling plants (c) payment for a cake order (d) buying lemons
17. 17.Which of these is an expense (money out)? (a) buying paper cups (b) tutoring fees received (c) money from sales (d) a card order paid
18. 18.Farhan’s record for a rainy day:
    Income: ₹160 (sales)
    Expense: ₹140 (ribbon)
    Expense: ₹30 (transport)
    How much is the loss (in ₹)?
19. 19.Ishaan’s income was ₹310 and the profit was ₹210. One expense was ₹60 (stall fee). How much was the other expense, for card paper (in ₹)?
20. 20.True or false: “buying lemons” is an expense (money out). (a) True (b) False
21. 21.Which of these is income (money in)? (a) bus fare to the market (b) buying lemons (c) buying paper cups (d) payment for a cake order
22. 22.📒 Income or expense: money from sales? (a) income (b) expense
23. 23.📒 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
24. 24.Which of these is an expense (money out)? (a) a card order paid (b) money from sales (c) printing posters (d) cash from selling plants
25. 25.📒 Income or expense: printing posters? (a) income (b) expense
26. 26.True or false: “printing posters” is an expense (money out). (a) False (b) True
27. 27.Which of these is income (money in)? (a) buying lemons (b) tutoring fees received (c) bus fare to the market (d) paying the stall fee
28. 28.True or false: “buying lemons” is income (money in). (a) False (b) True
29. 29.Kabir’s record for a rainy day:
    Income: ₹280 (sales)
    Expense: ₹170 (ribbon)
    Expense: ₹120 (paper cups)
    How much is the loss (in ₹)?
30. 30.Farhan’s stall took in ₹100 on Friday, ₹340 on Saturday and ₹310 on Sunday. What was the total income (in ₹)?
31. 31.Kabir’s income was ₹290 and the profit was ₹240. One expense was ₹40 (card paper). How much was the other expense, for posters (in ₹)?
32. 32.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
33. 33.📒 Income or expense: paying the stall fee? (a) expense (b) income
34. 34.Joseph’s record for a rainy day:
    Income: ₹150 (sales)
    Expense: ₹80 (card paper)
    Expense: ₹120 (paper cups)
    How much is the loss (in ₹)?
35. 35.Which of these is an expense (money out)? (a) cash from selling plants (b) money from sales (c) payment for a cake order (d) bus fare to the market
36. 36.True or false: “money from sales” is an expense (money out). (a) True (b) False
37. 37.Ananya’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹290 (evening sales)
    Expense: ₹80 (transport)
    Expense: ₹100 (posters)
    What is the profit (in ₹)?
38. 38.Lakshmi’s income was ₹470 and the profit was ₹220. One expense was ₹140 (posters). How much was the other expense, for lemons (in ₹)?
39. 39.Ananya’s stall took in ₹350 on Friday, ₹80 on Saturday and ₹320 on Sunday. What was the total income (in ₹)?
40. 40.True or false: “printing posters” is income (money in). (a) False (b) True

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