Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 585 · 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.Which of these is an expense (money out)? (a) tutoring fees received (b) payment for a cake order (c) money from sales (d) buying lemons
2. 2.Lakshmi’s record for a rainy day:
   Income: ₹190 (sales)
   Expense: ₹70 (paper cups)
   Expense: ₹200 (posters)
   How much is the loss (in ₹)?
3. 3.Which of these is income (money in)? (a) buying lemons (b) buying paper cups (c) tutoring fees received (d) bus fare to the market
4. 4.📒 Income or expense: paying the stall fee? (a) expense (b) income
5. 5.Which of these is an expense (money out)? (a) payment for a cake order (b) cash from selling plants (c) money from sales (d) buying paper cups
6. 6.Which of these is an expense (money out)? (a) a card order paid (b) bus fare to the market (c) payment for a cake order (d) tutoring fees received
7. 7.Which of these is income (money in)? (a) buying lemons (b) buying paper cups (c) paying the stall fee (d) money from sales
8. 8.Vihaan’s stall took in ₹190 on Friday, ₹190 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
9. 9.📅 When is the best time to update your records? (a) whenever you like (b) never (c) the same day (d) once a year
10. 10.Kabir’s record for the day:
    Income: ₹340 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹120 (card paper)
    Expense: ₹40 (stall fee)
    What is the profit (in ₹)?
11. 11.📒 Income or expense: money from sales? (a) expense (b) income
12. 12.Lakshmi’s stall took in ₹130 on Friday, ₹140 on Saturday and ₹50 on Sunday. What was the total income (in ₹)?
13. 13.Joseph’s record for a rainy day:
    Income: ₹130 (sales)
    Expense: ₹180 (lemons)
    Expense: ₹10 (stall fee)
    How much is the loss (in ₹)?
14. 14.True or false: “buying paper cups” is income (money in). (a) False (b) True
15. 15.Riya’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹310 (evening sales)
    Expense: ₹130 (ribbon)
    Expense: ₹60 (lemons)
    What is the profit (in ₹)?
16. 16.True or false: “payment for a cake order” is income (money in). (a) True (b) False
17. 17.📒 Why write down every sale and cost? (a) to fill a notebook (b) no reason (c) to look busy (d) to know the real profit
18. 18.True or false: “paying the stall fee” is income (money in). (a) True (b) False
19. 19.True or false: “tutoring fees received” is income (money in). (a) True (b) False
20. 20.Rohan’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹210 (stall fee)
    Expense: ₹180 (sugar)
    How much is the loss (in ₹)?
21. 21.📒 Income or expense: bus fare to the market? (a) income (b) expense
22. 22.Diya’s record for a rainy day:
    Income: ₹140 (sales)
    Expense: ₹10 (posters)
    Expense: ₹200 (transport)
    How much is the loss (in ₹)?
23. 23.Gurpreet’s stall took in ₹220 on Friday, ₹170 on Saturday and ₹190 on Sunday. What was the total income (in ₹)?
24. 24.True or false: “a card order paid” is an expense (money out). (a) False (b) True
25. 25.Saanvi’s income was ₹250 and the profit was ₹110. One expense was ₹30 (sugar). How much was the other expense, for ribbon (in ₹)?
26. 26.Vihaan’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹200 (card paper)
    Expense: ₹40 (ribbon)
    What is the profit (in ₹)?
27. 27.📒 Income or expense: a card order paid? (a) expense (b) income
28. 28.Meera’s income was ₹220 and the profit was ₹110. One expense was ₹40 (lemons). How much was the other expense, for ribbon (in ₹)?
29. 29.True or false: “money from sales” is an expense (money out). (a) True (b) False
30. 30.Nisha’s income was ₹380 and the profit was ₹150. One expense was ₹150 (paper cups). How much was the other expense, for lemons (in ₹)?
31. 31.Ishaan’s record for a rainy day:
    Income: ₹250 (sales)
    Expense: ₹10 (sugar)
    Expense: ₹320 (card paper)
    How much is the loss (in ₹)?
32. 32.Ishaan’s stall took in ₹320 on Friday, ₹90 on Saturday and ₹310 on Sunday. What was the total income (in ₹)?
33. 33.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
34. 34.True or false: “buying lemons” is an expense (money out). (a) False (b) True
35. 35.True or false: “cash from selling plants” is income (money in). (a) False (b) True
36. 36.Which of these is income (money in)? (a) buying lemons (b) paying the stall fee (c) cash from selling plants (d) bus fare to the market
37. 37.Meera’s income was ₹200 and the profit was ₹10. One expense was ₹160 (paper cups). How much was the other expense, for lemons (in ₹)?
38. 38.📒 Income or expense: cash from selling plants? (a) income (b) expense
39. 39.Lakshmi’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹230 (ribbon)
    Expense: ₹40 (paper cups)
    How much is the loss (in ₹)?
40. 40.Vihaan’s stall took in ₹110 on Friday, ₹80 on Saturday and ₹300 on Sunday. What was the total income (in ₹)?

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