Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 584 · 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: printing posters? (a) income (b) expense
2. 2.Kavya’s record for the day:
   Income: ₹250 (morning sales)
   Income: ₹30 (evening sales)
   Expense: ₹40 (stall fee)
   Expense: ₹50 (sugar)
   What is the profit (in ₹)?
3. 3.Kabir’s record for the day:
   Income: ₹220 (morning sales)
   Income: ₹90 (evening sales)
   Expense: ₹110 (paper cups)
   Expense: ₹190 (stall fee)
   What is the profit (in ₹)?
4. 4.📒 Why write down every sale and cost? (a) no reason (b) to know the real profit (c) to look busy (d) to fill a notebook
5. 5.📅 When is the best time to update your records? (a) once a year (b) never (c) the same day (d) whenever you like
6. 6.Which of these is income (money in)? (a) paying the stall fee (b) buying lemons (c) printing posters (d) a card order paid
7. 7.Gurpreet’s record for a rainy day:
   Income: ₹110 (sales)
   Expense: ₹80 (sugar)
   Expense: ₹40 (lemons)
   How much is the loss (in ₹)?
8. 8.Which of these is income (money in)? (a) buying paper cups (b) paying the stall fee (c) money from sales (d) buying lemons
9. 9.True or false: “money from sales” is income (money in). (a) False (b) True
10. 10.True or false: “payment for a cake order” is income (money in). (a) True (b) False
11. 11.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
12. 12.Gurpreet’s income was ₹370 and the profit was ₹350. One expense was ₹10 (stall fee). How much was the other expense, for paper cups (in ₹)?
13. 13.True or false: “money from sales” is an expense (money out). (a) True (b) False
14. 14.True or false: “bus fare to the market” is income (money in). (a) True (b) False
15. 15.📒 Income or expense: buying lemons? (a) expense (b) income
16. 16.Vihaan’s income was ₹370 and the profit was ₹300. One expense was ₹60 (card paper). How much was the other expense, for ribbon (in ₹)?
17. 17.Meera’s record for a rainy day:
    Income: ₹260 (sales)
    Expense: ₹130 (lemons)
    Expense: ₹210 (paper cups)
    How much is the loss (in ₹)?
18. 18.Kavya’s record for a rainy day:
    Income: ₹150 (sales)
    Expense: ₹40 (ribbon)
    Expense: ₹180 (paper cups)
    How much is the loss (in ₹)?
19. 19.True or false: “tutoring fees received” is income (money in). (a) False (b) True
20. 20.Ananya’s stall took in ₹100 on Friday, ₹280 on Saturday and ₹210 on Sunday. What was the total income (in ₹)?
21. 21.Which of these is an expense (money out)? (a) cash from selling plants (b) a card order paid (c) money from sales (d) buying lemons
22. 22.Kavya’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹40 (lemons)
    Expense: ₹160 (paper cups)
    How much is the loss (in ₹)?
23. 23.📒 Income or expense: tutoring fees received? (a) expense (b) income
24. 24.Dev’s stall took in ₹200 on Friday, ₹350 on Saturday and ₹50 on Sunday. What was the total income (in ₹)?
25. 25.Vihaan’s income was ₹400 and the profit was ₹40. One expense was ₹70 (posters). How much was the other expense, for lemons (in ₹)?
26. 26.Which of these is an expense (money out)? (a) printing posters (b) cash from selling plants (c) payment for a cake order (d) a card order paid
27. 27.Meera’s stall took in ₹180 on Friday, ₹310 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
28. 28.📒 Income or expense: paying the stall fee? (a) income (b) expense
29. 29.Nisha’s income was ₹310 and the profit was ₹270. One expense was ₹20 (sugar). How much was the other expense, for ribbon (in ₹)?
30. 30.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) a selfie (c) only the bag (d) nothing
31. 31.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
32. 32.Kabir’s income was ₹260 and the profit was ₹130. One expense was ₹90 (stall fee). How much was the other expense, for transport (in ₹)?
33. 33.Dev’s income was ₹180 and the profit was ₹60. One expense was ₹110 (ribbon). How much was the other expense, for lemons (in ₹)?
34. 34.Which of these is income (money in)? (a) bus fare to the market (b) paying the stall fee (c) tutoring fees received (d) printing posters
35. 35.Saanvi’s stall took in ₹270 on Friday, ₹120 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
36. 36.Which of these is income (money in)? (a) cash from selling plants (b) bus fare to the market (c) buying paper cups (d) buying lemons
37. 37.Nisha’s stall took in ₹100 on Friday, ₹80 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
38. 38.Zoya’s record for a rainy day:
    Income: ₹80 (sales)
    Expense: ₹50 (posters)
    Expense: ₹130 (card paper)
    How much is the loss (in ₹)?
39. 39.📒 Income or expense: a card order paid? (a) expense (b) income
40. 40.➖ Profit in your records = (a) income + expenses (b) income − expenses (c) expenses − income (d) just the income

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