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Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 579 · 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.Which of these is an expense (money out)? (a) tutoring fees received (b) paying the stall fee (c) payment for a cake order (d) a card order paid
  2. 2.Lakshmi’s stall took in ₹170 on Friday, ₹250 on Saturday and ₹300 on Sunday. What was the total income (in ₹)?
  3. 3.Zoya’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹10 (transport)
    Expense: ₹120 (sugar)
    How much is the loss (in ₹)?
  4. 4.Joseph’s record for the day:
    Income: ₹300 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹140 (transport)
    Expense: ₹120 (stall fee)
    What is the profit (in ₹)?
  5. 5.📅 When is the best time to update your records? (a) whenever you like (b) the same day (c) once a year (d) never
  6. 6.Kavya’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹150 (paper cups)
    Expense: ₹60 (posters)
    What is the profit (in ₹)?
  7. 7.➖ Profit in your records = (a) just the income (b) income + expenses (c) expenses − income (d) income − expenses
  8. 8.📒 Income or expense: buying paper cups? (a) income (b) expense
  9. 9.Which of these is income (money in)? (a) paying the stall fee (b) tutoring fees received (c) buying paper cups (d) buying lemons
  10. 10.Saanvi’s record for the day:
    Income: ₹260 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹120 (transport)
    Expense: ₹140 (paper cups)
    What is the profit (in ₹)?
  11. 11.Kavya’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹250 (stall fee)
    Expense: ₹20 (card paper)
    How much is the loss (in ₹)?
  12. 12.Meera’s record for a rainy day:
    Income: ₹140 (sales)
    Expense: ₹130 (sugar)
    Expense: ₹110 (transport)
    How much is the loss (in ₹)?
  13. 13.Which of these is income (money in)? (a) buying paper cups (b) money from sales (c) bus fare to the market (d) paying the stall fee
  14. 14.True or false: “printing posters” is income (money in). (a) True (b) False
  15. 15.Meera’s record for the day:
    Income: ₹120 (morning sales)
    Income: ₹170 (evening sales)
    Expense: ₹20 (lemons)
    Expense: ₹170 (stall fee)
    What is the profit (in ₹)?
  16. 16.📒 Income or expense: cash from selling plants? (a) income (b) expense
  17. 17.Meera’s stall took in ₹350 on Friday, ₹190 on Saturday and ₹140 on Sunday. What was the total income (in ₹)?
  18. 18.📒 Why write down every sale and cost? (a) to know the real profit (b) to look busy (c) to fill a notebook (d) no reason
  19. 19.Farhan’s income was ₹100 and the profit was ₹60. One expense was ₹30 (stall fee). How much was the other expense, for paper cups (in ₹)?
  20. 20.Joseph’s record for the day:
    Income: ₹290 (morning sales)
    Income: ₹160 (evening sales)
    Expense: ₹90 (lemons)
    Expense: ₹150 (transport)
    What is the profit (in ₹)?
  21. 21.True or false: “payment for a cake order” is income (money in). (a) True (b) False
  22. 22.Which of these is income (money in)? (a) buying lemons (b) paying the stall fee (c) bus fare to the market (d) cash from selling plants
  23. 23.Ishaan’s record for the day:
    Income: ₹180 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹30 (paper cups)
    Expense: ₹50 (stall fee)
    What is the profit (in ₹)?
  24. 24.Aarav’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹390 (evening sales)
    Expense: ₹200 (ribbon)
    Expense: ₹20 (paper cups)
    What is the profit (in ₹)?
  25. 25.Farhan’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹280 (evening sales)
    Expense: ₹90 (stall fee)
    Expense: ₹200 (posters)
    What is the profit (in ₹)?
  26. 26.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) a selfie (c) nothing (d) only the bag
  27. 27.Which of these is income (money in)? (a) buying paper cups (b) printing posters (c) buying lemons (d) payment for a cake order
  28. 28.Nisha’s stall took in ₹250 on Friday, ₹260 on Saturday and ₹80 on Sunday. What was the total income (in ₹)?
  29. 29.Diya’s income was ₹340 and the profit was ₹300. One expense was ₹30 (lemons). How much was the other expense, for paper cups (in ₹)?
  30. 30.Diya’s record for the day:
    Income: ₹40 (morning sales)
    Income: ₹240 (evening sales)
    Expense: ₹150 (sugar)
    Expense: ₹60 (posters)
    What is the profit (in ₹)?
  31. 31.📒 Income or expense: tutoring fees received? (a) expense (b) income
  32. 32.Ishaan’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹70 (transport)
    Expense: ₹110 (paper cups)
    How much is the loss (in ₹)?
  33. 33.Riya’s income was ₹490 and the profit was ₹70. One expense was ₹210 (transport). How much was the other expense, for stall fee (in ₹)?
  34. 34.True or false: “paying the stall fee” is income (money in). (a) True (b) False
  35. 35.Diya’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹20 (stall fee)
    Expense: ₹150 (sugar)
    How much is the loss (in ₹)?
  36. 36.Lakshmi’s record for the day:
    Income: ₹210 (morning sales)
    Income: ₹250 (evening sales)
    Expense: ₹170 (sugar)
    Expense: ₹200 (paper cups)
    What is the profit (in ₹)?
  37. 37.Arjun’s record for the day:
    Income: ₹310 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹190 (card paper)
    Expense: ₹110 (ribbon)
    What is the profit (in ₹)?
  38. 38.Saanvi’s record for the day:
    Income: ₹340 (morning sales)
    Income: ₹110 (evening sales)
    Expense: ₹50 (paper cups)
    Expense: ₹110 (lemons)
    What is the profit (in ₹)?
  39. 39.Nisha’s record for the day:
    Income: ₹280 (morning sales)
    Income: ₹240 (evening sales)
    Expense: ₹190 (sugar)
    Expense: ₹30 (paper cups)
    What is the profit (in ₹)?
  40. 40.Dev’s record for the day:
    Income: ₹490 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹160 (ribbon)
    Expense: ₹180 (transport)
    What is the profit (in ₹)?

Answer key

  1. paying the stall fee
  2. 720
  3. 60
  4. 70
  5. the same day
  6. 40
  7. income − expenses
  8. expense
  9. tutoring fees received
  10. 20
  11. 70
  12. 100
  13. money from sales
  14. False
  15. 100
  16. income
  17. 680
  18. to know the real profit
  19. 10
  20. 210
  21. True
  22. cash from selling plants
  23. 240
  24. 180
  25. 40
  26. the bill or receipt
  27. payment for a cake order
  28. 590
  29. 10
  30. 70
  31. income
  32. 90
  33. 210
  34. False
  35. 50
  36. 90
  37. 60
  38. 290
  39. 300
  40. 200

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