Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 566 · 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.📒 Income or expense: money from sales? (a) income (b) expense
2. 2.True or false: “printing posters” is income (money in). (a) True (b) False
3. 3.Arjun’s record for the day:
   Income: ₹140 (morning sales)
   Income: ₹180 (evening sales)
   Expense: ₹180 (sugar)
   Expense: ₹90 (stall fee)
   What is the profit (in ₹)?
4. 4.📒 Income or expense: tutoring fees received? (a) expense (b) income
5. 5.True or false: “buying lemons” is income (money in). (a) True (b) False
6. 6.Diya’s record for a rainy day:
   Income: ₹110 (sales)
   Expense: ₹80 (card paper)
   Expense: ₹110 (stall fee)
   How much is the loss (in ₹)?
7. 7.Kabir’s stall took in ₹60 on Friday, ₹330 on Saturday and ₹80 on Sunday. What was the total income (in ₹)?
8. 8.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) a selfie (c) only the bag (d) nothing
9. 9.Which of these is income (money in)? (a) buying paper cups (b) printing posters (c) paying the stall fee (d) cash from selling plants
10. 10.Rohan’s record for the day:
    Income: ₹270 (morning sales)
    Income: ₹90 (evening sales)
    Expense: ₹150 (stall fee)
    Expense: ₹70 (transport)
    What is the profit (in ₹)?
11. 11.Zoya’s record for a rainy day:
    Income: ₹130 (sales)
    Expense: ₹10 (ribbon)
    Expense: ₹160 (transport)
    How much is the loss (in ₹)?
12. 12.Meera’s stall took in ₹330 on Friday, ₹390 on Saturday and ₹360 on Sunday. What was the total income (in ₹)?
13. 13.True or false: “bus fare to the market” is income (money in). (a) False (b) True
14. 14.True or false: “money from sales” is an expense (money out). (a) False (b) True
15. 15.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
16. 16.📒 Income or expense: buying lemons? (a) expense (b) income
17. 17.📒 Why write down every sale and cost? (a) no reason (b) to look busy (c) to know the real profit (d) to fill a notebook
18. 18.True or false: “paying the stall fee” is income (money in). (a) False (b) True
19. 19.Joseph’s income was ₹430 and the profit was ₹20. One expense was ₹250 (paper cups). How much was the other expense, for ribbon (in ₹)?
20. 20.Dev’s record for the day:
    Income: ₹180 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹90 (lemons)
    Expense: ₹60 (card paper)
    What is the profit (in ₹)?
21. 21.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
22. 22.📒 Income or expense: cash from selling plants? (a) expense (b) income
23. 23.Ananya’s record for the day:
    Income: ₹290 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹150 (lemons)
    Expense: ₹40 (transport)
    What is the profit (in ₹)?
24. 24.Meera’s stall took in ₹50 on Friday, ₹380 on Saturday and ₹380 on Sunday. What was the total income (in ₹)?
25. 25.Which of these is income (money in)? (a) bus fare to the market (b) paying the stall fee (c) printing posters (d) payment for a cake order
26. 26.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
27. 27.Meera’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹10 (lemons)
    Expense: ₹320 (sugar)
    How much is the loss (in ₹)?
28. 28.Nisha’s record for the day:
    Income: ₹280 (morning sales)
    Income: ₹230 (evening sales)
    Expense: ₹90 (posters)
    Expense: ₹200 (ribbon)
    What is the profit (in ₹)?
29. 29.📒 Income or expense: buying paper cups? (a) income (b) expense
30. 30.True or false: “payment for a cake order” is income (money in). (a) False (b) True
31. 31.Gurpreet’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹150 (paper cups)
    Expense: ₹70 (transport)
    What is the profit (in ₹)?
32. 32.Which of these is an expense (money out)? (a) a card order paid (b) money from sales (c) paying the stall fee (d) cash from selling plants
33. 33.➖ Profit in your records = (a) income − expenses (b) just the income (c) income + expenses (d) expenses − income
34. 34.📒 Income or expense: a card order paid? (a) income (b) expense
35. 35.Diya’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹220 (card paper)
    Expense: ₹10 (posters)
    How much is the loss (in ₹)?
36. 36.📅 When is the best time to update your records? (a) once a year (b) the same day (c) never (d) whenever you like
37. 37.True or false: “buying lemons” is an expense (money out). (a) True (b) False
38. 38.Dev’s record for a rainy day:
    Income: ₹240 (sales)
    Expense: ₹140 (transport)
    Expense: ₹160 (sugar)
    How much is the loss (in ₹)?
39. 39.Which of these is income (money in)? (a) paying the stall fee (b) money from sales (c) printing posters (d) buying lemons
40. 40.Aarav’s record for a rainy day:
    Income: ₹280 (sales)
    Expense: ₹330 (sugar)
    Expense: ₹50 (ribbon)
    How much is the loss (in ₹)?

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