Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 555 · 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 an expense (money out)? (a) cash from selling plants (b) paying the stall fee (c) payment for a cake order (d) tutoring fees received
2. 2.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
3. 3.Which of these is income (money in)? (a) bus fare to the market (b) buying paper cups (c) buying lemons (d) cash from selling plants
4. 4.📒 Why write down every sale and cost? (a) no reason (b) to know the real profit (c) to look busy (d) to fill a notebook
5. 5.Farhan’s record for a rainy day:
   Income: ₹300 (sales)
   Expense: ₹140 (paper cups)
   Expense: ₹170 (sugar)
   How much is the loss (in ₹)?
6. 6.Meera’s income was ₹380 and the profit was ₹230. One expense was ₹120 (posters). How much was the other expense, for sugar (in ₹)?
7. 7.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
8. 8.True or false: “buying lemons” is an expense (money out). (a) False (b) True
9. 9.📒 Income or expense: cash from selling plants? (a) expense (b) income
10. 10.Dev’s income was ₹170 and the profit was ₹110. One expense was ₹30 (paper cups). How much was the other expense, for ribbon (in ₹)?
11. 11.Gurpreet’s record for the day:
    Income: ₹110 (morning sales)
    Income: ₹80 (evening sales)
    Expense: ₹30 (stall fee)
    Expense: ₹70 (lemons)
    What is the profit (in ₹)?
12. 12.📒 Income or expense: paying the stall fee? (a) income (b) expense
13. 13.📒 Income or expense: bus fare to the market? (a) expense (b) income
14. 14.Aarav’s stall took in ₹80 on Friday, ₹150 on Saturday and ₹80 on Sunday. What was the total income (in ₹)?
15. 15.Kavya’s record for the day:
    Income: ₹100 (morning sales)
    Income: ₹320 (evening sales)
    Expense: ₹170 (transport)
    Expense: ₹200 (card paper)
    What is the profit (in ₹)?
16. 16.📒 Income or expense: a card order paid? (a) expense (b) income
17. 17.True or false: “money from sales” is an expense (money out). (a) True (b) False
18. 18.➖ Profit in your records = (a) just the income (b) income + expenses (c) expenses − income (d) income − expenses
19. 19.📒 Income or expense: money from sales? (a) expense (b) income
20. 20.📒 Income or expense: buying paper cups? (a) expense (b) income
21. 21.Dev’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹300 (evening sales)
    Expense: ₹180 (transport)
    Expense: ₹60 (stall fee)
    What is the profit (in ₹)?
22. 22.📒 Income or expense: payment for a cake order? (a) expense (b) income
23. 23.Zoya’s record for the day:
    Income: ₹140 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹60 (lemons)
    Expense: ₹70 (stall fee)
    What is the profit (in ₹)?
24. 24.📅 When is the best time to update your records? (a) whenever you like (b) once a year (c) the same day (d) never
25. 25.Gurpreet’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹360 (evening sales)
    Expense: ₹150 (ribbon)
    Expense: ₹90 (posters)
    What is the profit (in ₹)?
26. 26.📒 Income or expense: tutoring fees received? (a) income (b) expense
27. 27.Tara’s record for a rainy day:
    Income: ₹230 (sales)
    Expense: ₹200 (card paper)
    Expense: ₹120 (paper cups)
    How much is the loss (in ₹)?
28. 28.Ananya’s income was ₹410 and the profit was ₹90. One expense was ₹90 (lemons). How much was the other expense, for posters (in ₹)?
29. 29.Which of these is an expense (money out)? (a) a card order paid (b) payment for a cake order (c) printing posters (d) tutoring fees received
30. 30.True or false: “cash from selling plants” is income (money in). (a) True (b) False
31. 31.True or false: “buying paper cups” is income (money in). (a) True (b) False
32. 32.True or false: “a card order paid” is an expense (money out). (a) True (b) False
33. 33.Which of these is income (money in)? (a) buying lemons (b) a card order paid (c) buying paper cups (d) bus fare to the market
34. 34.Diya’s stall took in ₹90 on Friday, ₹310 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
35. 35.Arjun’s income was ₹260 and the profit was ₹10. One expense was ₹60 (stall fee). How much was the other expense, for lemons (in ₹)?
36. 36.Gurpreet’s record for the day:
    Income: ₹160 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹50 (transport)
    Expense: ₹90 (stall fee)
    What is the profit (in ₹)?
37. 37.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
38. 38.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
39. 39.True or false: “a card order paid” is income (money in). (a) False (b) True
40. 40.True or false: “buying lemons” is income (money in). (a) False (b) True

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