Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 572 · 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: buying paper cups? (a) expense (b) income
2. 2.🧾 What should you keep after buying supplies? (a) nothing (b) only the bag (c) a selfie (d) the bill or receipt
3. 3.📒 Income or expense: money from sales? (a) expense (b) income
4. 4.Rohan’s record for the day:
   Income: ₹20 (morning sales)
   Income: ₹310 (evening sales)
   Expense: ₹30 (card paper)
   Expense: ₹140 (paper cups)
   What is the profit (in ₹)?
5. 5.True or false: “printing posters” is income (money in). (a) False (b) True
6. 6.Riya’s income was ₹240 and the profit was ₹80. One expense was ₹140 (transport). How much was the other expense, for posters (in ₹)?
7. 7.Diya’s record for a rainy day:
   Income: ₹270 (sales)
   Expense: ₹270 (stall fee)
   Expense: ₹90 (ribbon)
   How much is the loss (in ₹)?
8. 8.True or false: “money from sales” is an expense (money out). (a) True (b) False
9. 9.📅 When is the best time to update your records? (a) once a year (b) the same day (c) never (d) whenever you like
10. 10.Which of these is income (money in)? (a) payment for a cake order (b) printing posters (c) buying lemons (d) paying the stall fee
11. 11.Which of these is income (money in)? (a) bus fare to the market (b) paying the stall fee (c) money from sales (d) printing posters
12. 12.True or false: “bus fare to the market” is income (money in). (a) False (b) True
13. 13.Lakshmi’s stall took in ₹90 on Friday, ₹140 on Saturday and ₹80 on Sunday. What was the total income (in ₹)?
14. 14.📒 Why write down every sale and cost? (a) to look busy (b) no reason (c) to know the real profit (d) to fill a notebook
15. 15.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
16. 16.Which of these is income (money in)? (a) printing posters (b) tutoring fees received (c) buying lemons (d) buying paper cups
17. 17.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
18. 18.Tara’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹90 (sugar)
    Expense: ₹230 (posters)
    How much is the loss (in ₹)?
19. 19.Rohan’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹30 (lemons)
    Expense: ₹110 (posters)
    How much is the loss (in ₹)?
20. 20.📒 Income or expense: paying the stall fee? (a) income (b) expense
21. 21.Dev’s income was ₹410 and the profit was ₹380. One expense was ₹10 (card paper). How much was the other expense, for lemons (in ₹)?
22. 22.Ananya’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹110 (card paper)
    Expense: ₹110 (transport)
    How much is the loss (in ₹)?
23. 23.📒 Income or expense: tutoring fees received? (a) income (b) expense
24. 24.True or false: “a card order paid” is an expense (money out). (a) False (b) True
25. 25.Zoya’s stall took in ₹200 on Friday, ₹260 on Saturday and ₹210 on Sunday. What was the total income (in ₹)?
26. 26.Gurpreet’s income was ₹370 and the profit was ₹50. One expense was ₹30 (paper cups). How much was the other expense, for lemons (in ₹)?
27. 27.Lakshmi’s record for the day:
    Income: ₹40 (morning sales)
    Income: ₹170 (evening sales)
    Expense: ₹50 (paper cups)
    Expense: ₹90 (transport)
    What is the profit (in ₹)?
28. 28.📒 Income or expense: bus fare to the market? (a) expense (b) income
29. 29.📒 Income or expense: buying lemons? (a) expense (b) income
30. 30.📒 Income or expense: cash from selling plants? (a) income (b) expense
31. 31.Meera’s record for the day:
    Income: ₹250 (morning sales)
    Income: ₹310 (evening sales)
    Expense: ₹120 (stall fee)
    Expense: ₹180 (posters)
    What is the profit (in ₹)?
32. 32.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
33. 33.True or false: “paying the stall fee” is an expense (money out). (a) False (b) True
34. 34.Which of these is an expense (money out)? (a) a card order paid (b) payment for a cake order (c) paying the stall fee (d) tutoring fees received
35. 35.True or false: “a card order paid” is income (money in). (a) True (b) False
36. 36.➖ Profit in your records = (a) expenses − income (b) income − expenses (c) just the income (d) income + expenses
37. 37.Riya’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹60 (transport)
    Expense: ₹210 (sugar)
    How much is the loss (in ₹)?
38. 38.True or false: “money from sales” is income (money in). (a) True (b) False
39. 39.Which of these is an expense (money out)? (a) payment for a cake order (b) bus fare to the market (c) a card order paid (d) money from sales
40. 40.Riya’s record for the day:
    Income: ₹40 (morning sales)
    Income: ₹390 (evening sales)
    Expense: ₹100 (ribbon)
    Expense: ₹200 (lemons)
    What is the profit (in ₹)?

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