← Simple record keeping lesson New set →

Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 582 · 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.

NameDateTime takenScore ___ / 40
  1. 1.📒 Income or expense: money from sales? (a) expense (b) income
  2. 2.Ishaan’s record for a rainy day:
    Income: ₹230 (sales)
    Expense: ₹220 (paper cups)
    Expense: ₹30 (transport)
    How much is the loss (in ₹)?
  3. 3.📒 Why write down every sale and cost? (a) to know the real profit (b) to fill a notebook (c) no reason (d) to look busy
  4. 4.True or false: “printing posters” is income (money in). (a) False (b) True
  5. 5.True or false: “money from sales” is income (money in). (a) False (b) True
  6. 6.Dev’s stall took in ₹90 on Friday, ₹320 on Saturday and ₹380 on Sunday. What was the total income (in ₹)?
  7. 7.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
  8. 8.Meera’s stall took in ₹360 on Friday, ₹70 on Saturday and ₹240 on Sunday. What was the total income (in ₹)?
  9. 9.Ishaan’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹70 (sugar)
    Expense: ₹20 (posters)
    How much is the loss (in ₹)?
  10. 10.Farhan’s record for a rainy day:
    Income: ₹130 (sales)
    Expense: ₹100 (posters)
    Expense: ₹80 (card paper)
    How much is the loss (in ₹)?
  11. 11.Nisha’s record for the day:
    Income: ₹140 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹100 (card paper)
    Expense: ₹50 (paper cups)
    What is the profit (in ₹)?
  12. 12.Which of these is an expense (money out)? (a) cash from selling plants (b) bus fare to the market (c) money from sales (d) a card order paid
  13. 13.Which of these is an expense (money out)? (a) buying lemons (b) a card order paid (c) cash from selling plants (d) money from sales
  14. 14.📅 When is the best time to update your records? (a) the same day (b) whenever you like (c) once a year (d) never
  15. 15.Aarav’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹80 (evening sales)
    Expense: ₹20 (card paper)
    Expense: ₹110 (posters)
    What is the profit (in ₹)?
  16. 16.True or false: “tutoring fees received” is income (money in). (a) False (b) True
  17. 17.Gurpreet’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹50 (posters)
    Expense: ₹180 (paper cups)
    How much is the loss (in ₹)?
  18. 18.🧾 What should you keep after buying supplies? (a) a selfie (b) only the bag (c) nothing (d) the bill or receipt
  19. 19.Which of these is an expense (money out)? (a) money from sales (b) payment for a cake order (c) buying paper cups (d) tutoring fees received
  20. 20.True or false: “payment for a cake order” is income (money in). (a) False (b) True
  21. 21.True or false: “money from sales” is an expense (money out). (a) True (b) False
  22. 22.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
  23. 23.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
  24. 24.Gurpreet’s stall took in ₹250 on Friday, ₹180 on Saturday and ₹250 on Sunday. What was the total income (in ₹)?
  25. 25.📒 Income or expense: cash from selling plants? (a) expense (b) income
  26. 26.📒 Income or expense: a card order paid? (a) expense (b) income
  27. 27.Arjun’s record for the day:
    Income: ₹450 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹180 (paper cups)
    Expense: ₹100 (sugar)
    What is the profit (in ₹)?
  28. 28.Farhan’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹80 (lemons)
    Expense: ₹20 (paper cups)
    How much is the loss (in ₹)?
  29. 29.Rohan’s record for a rainy day:
    Income: ₹280 (sales)
    Expense: ₹120 (ribbon)
    Expense: ₹240 (card paper)
    How much is the loss (in ₹)?
  30. 30.Kavya’s record for a rainy day:
    Income: ₹230 (sales)
    Expense: ₹70 (stall fee)
    Expense: ₹180 (paper cups)
    How much is the loss (in ₹)?
  31. 31.Rohan’s income was ₹250 and the profit was ₹70. One expense was ₹140 (transport). How much was the other expense, for stall fee (in ₹)?
  32. 32.📒 Income or expense: buying lemons? (a) income (b) expense
  33. 33.📒 Income or expense: bus fare to the market? (a) income (b) expense
  34. 34.📒 Income or expense: paying the stall fee? (a) income (b) expense
  35. 35.Rohan’s income was ₹260 and the profit was ₹30. One expense was ₹180 (ribbon). How much was the other expense, for transport (in ₹)?
  36. 36.Ishaan’s record for the day:
    Income: ₹270 (morning sales)
    Income: ₹170 (evening sales)
    Expense: ₹130 (stall fee)
    Expense: ₹160 (paper cups)
    What is the profit (in ₹)?
  37. 37.📒 Income or expense: buying paper cups? (a) expense (b) income
  38. 38.True or false: “buying paper cups” is income (money in). (a) True (b) False
  39. 39.Riya’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹20 (lemons)
    Expense: ₹70 (stall fee)
    How much is the loss (in ₹)?
  40. 40.Which of these is income (money in)? (a) buying paper cups (b) money from sales (c) bus fare to the market (d) printing posters

Answer key

  1. income
  2. 20
  3. to know the real profit
  4. False
  5. True
  6. 790
  7. True
  8. 670
  9. 20
  10. 50
  11. 20
  12. bus fare to the market
  13. buying lemons
  14. the same day
  15. 30
  16. True
  17. 40
  18. the bill or receipt
  19. buying paper cups
  20. True
  21. False
  22. paying the stall fee
  23. False
  24. 680
  25. income
  26. income
  27. 200
  28. 50
  29. 80
  30. 20
  31. 40
  32. expense
  33. expense
  34. expense
  35. 50
  36. 150
  37. expense
  38. False
  39. 40
  40. money from sales

Free entrepreneurship lessons, practice and worksheets at talentjr.in/entrepreneurship-for-kids