Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 550 · 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.Which of these is income (money in)? (a) buying paper cups (b) paying the stall fee (c) tutoring fees received (d) bus fare to the market
2. 2.Tara’s record for the day:
   Income: ₹180 (morning sales)
   Income: ₹40 (evening sales)
   Expense: ₹140 (lemons)
   Expense: ₹50 (transport)
   What is the profit (in ₹)?
3. 3.Which of these is income (money in)? (a) buying paper cups (b) a card order paid (c) buying lemons (d) paying the stall fee
4. 4.Which of these is an expense (money out)? (a) tutoring fees received (b) money from sales (c) paying the stall fee (d) payment for a cake order
5. 5.Which of these is an expense (money out)? (a) payment for a cake order (b) bus fare to the market (c) cash from selling plants (d) tutoring fees received
6. 6.Meera’s record for the day:
   Income: ₹110 (morning sales)
   Income: ₹130 (evening sales)
   Expense: ₹50 (stall fee)
   Expense: ₹70 (posters)
   What is the profit (in ₹)?
7. 7.📒 Income or expense: cash from selling plants? (a) expense (b) income
8. 8.➖ Profit in your records = (a) income + expenses (b) expenses − income (c) income − expenses (d) just the income
9. 9.Gurpreet’s stall took in ₹90 on Friday, ₹90 on Saturday and ₹130 on Sunday. What was the total income (in ₹)?
10. 10.Tara’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹410 (evening sales)
    Expense: ₹110 (lemons)
    Expense: ₹50 (stall fee)
    What is the profit (in ₹)?
11. 11.Tara’s record for the day:
    Income: ₹210 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹70 (card paper)
    Expense: ₹30 (paper cups)
    What is the profit (in ₹)?
12. 12.Ishaan’s stall took in ₹240 on Friday, ₹60 on Saturday and ₹230 on Sunday. What was the total income (in ₹)?
13. 13.📒 Income or expense: money from sales? (a) expense (b) income
14. 14.📒 Income or expense: printing posters? (a) expense (b) income
15. 15.🧾 What should you keep after buying supplies? (a) a selfie (b) only the bag (c) nothing (d) the bill or receipt
16. 16.Which of these is an expense (money out)? (a) buying paper cups (b) cash from selling plants (c) payment for a cake order (d) money from sales
17. 17.📒 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
18. 18.📒 Income or expense: payment for a cake order? (a) income (b) expense
19. 19.True or false: “printing posters” is an expense (money out). (a) True (b) False
20. 20.Meera’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹130 (card paper)
    Expense: ₹70 (lemons)
    How much is the loss (in ₹)?
21. 21.Meera’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹200 (evening sales)
    Expense: ₹180 (stall fee)
    Expense: ₹20 (card paper)
    What is the profit (in ₹)?
22. 22.📅 When is the best time to update your records? (a) whenever you like (b) once a year (c) never (d) the same day
23. 23.Saanvi’s income was ₹400 and the profit was ₹80. One expense was ₹10 (ribbon). How much was the other expense, for paper cups (in ₹)?
24. 24.Ananya’s record for the day:
    Income: ₹250 (morning sales)
    Income: ₹160 (evening sales)
    Expense: ₹60 (lemons)
    Expense: ₹140 (paper cups)
    What is the profit (in ₹)?
25. 25.📒 Income or expense: paying the stall fee? (a) income (b) expense
26. 26.True or false: “a card order paid” is an expense (money out). (a) True (b) False
27. 27.Saanvi’s income was ₹390 and the profit was ₹100. One expense was ₹220 (paper cups). How much was the other expense, for stall fee (in ₹)?
28. 28.Aarav’s record for the day:
    Income: ₹190 (morning sales)
    Income: ₹60 (evening sales)
    Expense: ₹60 (transport)
    Expense: ₹90 (sugar)
    What is the profit (in ₹)?
29. 29.Kabir’s income was ₹330 and the profit was ₹270. One expense was ₹10 (paper cups). How much was the other expense, for lemons (in ₹)?
30. 30.True or false: “buying paper cups” is income (money in). (a) False (b) True
31. 31.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
32. 32.📒 Income or expense: tutoring fees received? (a) expense (b) income
33. 33.📒 Income or expense: a card order paid? (a) expense (b) income
34. 34.Ishaan’s record for the day:
    Income: ₹410 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹70 (card paper)
    Expense: ₹180 (ribbon)
    What is the profit (in ₹)?
35. 35.True or false: “a card order paid” is income (money in). (a) True (b) False
36. 36.True or false: “bus fare to the market” is income (money in). (a) True (b) False
37. 37.Ananya’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹170 (evening sales)
    Expense: ₹160 (posters)
    Expense: ₹50 (paper cups)
    What is the profit (in ₹)?
38. 38.True or false: “paying the stall fee” is income (money in). (a) True (b) False
39. 39.Aarav’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹80 (posters)
    Expense: ₹10 (paper cups)
    How much is the loss (in ₹)?
40. 40.True or false: “tutoring fees received” is income (money in). (a) True (b) False

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