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Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 569 · 40 questions
TalentJR

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.

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  1. 1.📒 Income or expense: payment for a cake order? (a) income (b) expense
  2. 2.Gurpreet’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹200 (evening sales)
    Expense: ₹30 (stall fee)
    Expense: ₹70 (sugar)
    What is the profit (in ₹)?
  3. 3.Dev’s income was ₹200 and the profit was ₹180. One expense was ₹10 (posters). How much was the other expense, for paper cups (in ₹)?
  4. 4.True or false: “money from sales” is an expense (money out). (a) True (b) False
  5. 5.📒 Income or expense: buying paper cups? (a) income (b) expense
  6. 6.Nisha’s stall took in ₹310 on Friday, ₹230 on Saturday and ₹370 on Sunday. What was the total income (in ₹)?
  7. 7.📒 Income or expense: tutoring fees received? (a) expense (b) income
  8. 8.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
  9. 9.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) only the bag (c) nothing (d) a selfie
  10. 10.📅 When is the best time to update your records? (a) the same day (b) once a year (c) never (d) whenever you like
  11. 11.True or false: “paying the stall fee” is income (money in). (a) False (b) True
  12. 12.📒 Income or expense: printing posters? (a) income (b) expense
  13. 13.True or false: “printing posters” is an expense (money out). (a) False (b) True
  14. 14.📒 Income or expense: buying lemons? (a) income (b) expense
  15. 15.Which of these is an expense (money out)? (a) printing posters (b) cash from selling plants (c) a card order paid (d) tutoring fees received
  16. 16.Nisha’s income was ₹240 and the profit was ₹10. One expense was ₹50 (stall fee). How much was the other expense, for lemons (in ₹)?
  17. 17.Ananya’s stall took in ₹170 on Friday, ₹360 on Saturday and ₹360 on Sunday. What was the total income (in ₹)?
  18. 18.Lakshmi’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹200 (evening sales)
    Expense: ₹30 (stall fee)
    Expense: ₹180 (ribbon)
    What is the profit (in ₹)?
  19. 19.Diya’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹360 (evening sales)
    Expense: ₹130 (sugar)
    Expense: ₹120 (card paper)
    What is the profit (in ₹)?
  20. 20.📒 Income or expense: cash from selling plants? (a) income (b) expense
  21. 21.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
  22. 22.Lakshmi’s stall took in ₹290 on Friday, ₹250 on Saturday and ₹370 on Sunday. What was the total income (in ₹)?
  23. 23.Meera’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹120 (card paper)
    Expense: ₹40 (transport)
    How much is the loss (in ₹)?
  24. 24.Which of these is income (money in)? (a) printing posters (b) paying the stall fee (c) buying lemons (d) a card order paid
  25. 25.Ishaan’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹380 (evening sales)
    Expense: ₹50 (lemons)
    Expense: ₹80 (card paper)
    What is the profit (in ₹)?
  26. 26.📒 Income or expense: bus fare to the market? (a) income (b) expense
  27. 27.True or false: “money from sales” is income (money in). (a) True (b) False
  28. 28.True or false: “a card order paid” is income (money in). (a) False (b) True
  29. 29.📒 Why write down every sale and cost? (a) no reason (b) to fill a notebook (c) to look busy (d) to know the real profit
  30. 30.Tara’s record for the day:
    Income: ₹230 (morning sales)
    Income: ₹240 (evening sales)
    Expense: ₹180 (card paper)
    Expense: ₹150 (sugar)
    What is the profit (in ₹)?
  31. 31.Which of these is an expense (money out)? (a) buying paper cups (b) money from sales (c) payment for a cake order (d) a card order paid
  32. 32.Tara’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹80 (card paper)
    Expense: ₹80 (stall fee)
    How much is the loss (in ₹)?
  33. 33.True or false: “payment for a cake order” is income (money in). (a) False (b) True
  34. 34.Gurpreet’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹70 (posters)
    Expense: ₹230 (ribbon)
    How much is the loss (in ₹)?
  35. 35.Ishaan’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹210 (evening sales)
    Expense: ₹40 (lemons)
    Expense: ₹70 (ribbon)
    What is the profit (in ₹)?
  36. 36.True or false: “cash from selling plants” is income (money in). (a) True (b) False
  37. 37.Lakshmi’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹60 (sugar)
    Expense: ₹40 (posters)
    How much is the loss (in ₹)?
  38. 38.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
  39. 39.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
  40. 40.Aarav’s income was ₹470 and the profit was ₹230. One expense was ₹200 (ribbon). How much was the other expense, for sugar (in ₹)?

Answer key

  1. income
  2. 170
  3. 10
  4. False
  5. expense
  6. 910
  7. income
  8. True
  9. the bill or receipt
  10. the same day
  11. False
  12. expense
  13. True
  14. expense
  15. printing posters
  16. 180
  17. 890
  18. 60
  19. 160
  20. income
  21. True
  22. 910
  23. 100
  24. a card order paid
  25. 280
  26. expense
  27. True
  28. True
  29. to know the real profit
  30. 140
  31. buying paper cups
  32. 100
  33. True
  34. 30
  35. 170
  36. True
  37. 50
  38. True
  39. False
  40. 40

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