Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 596 · 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.True or false: “buying lemons” is income (money in). (a) True (b) False
2. 2.📒 Income or expense: buying lemons? (a) income (b) expense
3. 3.Which of these is an expense (money out)? (a) money from sales (b) a card order paid (c) bus fare to the market (d) tutoring fees received
4. 4.📅 When is the best time to update your records? (a) the same day (b) whenever you like (c) once a year (d) never
5. 5.Which of these is an expense (money out)? (a) a card order paid (b) cash from selling plants (c) paying the stall fee (d) payment for a cake order
6. 6.Zoya’s stall took in ₹80 on Friday, ₹140 on Saturday and ₹400 on Sunday. What was the total income (in ₹)?
7. 7.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
8. 8.True or false: “buying paper cups” is income (money in). (a) True (b) False
9. 9.Riya’s record for the day:
   Income: ₹250 (morning sales)
   Income: ₹60 (evening sales)
   Expense: ₹60 (sugar)
   Expense: ₹60 (posters)
   What is the profit (in ₹)?
10. 10.Which of these is an expense (money out)? (a) tutoring fees received (b) buying lemons (c) money from sales (d) a card order paid
11. 11.Meera’s income was ₹470 and the profit was ₹410. One expense was ₹20 (lemons). How much was the other expense, for card paper (in ₹)?
12. 12.True or false: “tutoring fees received” is income (money in). (a) True (b) False
13. 13.Aarav’s record for the day:
    Income: ₹320 (morning sales)
    Income: ₹160 (evening sales)
    Expense: ₹170 (sugar)
    Expense: ₹80 (card paper)
    What is the profit (in ₹)?
14. 14.Which of these is income (money in)? (a) printing posters (b) paying the stall fee (c) bus fare to the market (d) payment for a cake order
15. 15.📒 Income or expense: buying paper cups? (a) income (b) expense
16. 16.Vihaan’s stall took in ₹350 on Friday, ₹310 on Saturday and ₹110 on Sunday. What was the total income (in ₹)?
17. 17.📒 Income or expense: cash from selling plants? (a) income (b) expense
18. 18.📒 Income or expense: paying the stall fee? (a) income (b) expense
19. 19.Ananya’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹90 (evening sales)
    Expense: ₹30 (paper cups)
    Expense: ₹30 (ribbon)
    What is the profit (in ₹)?
20. 20.Riya’s stall took in ₹280 on Friday, ₹320 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?
21. 21.🧾 What should you keep after buying supplies? (a) a selfie (b) nothing (c) only the bag (d) the bill or receipt
22. 22.Farhan’s record for the day:
    Income: ₹150 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹90 (posters)
    Expense: ₹140 (lemons)
    What is the profit (in ₹)?
23. 23.True or false: “printing posters” is an expense (money out). (a) False (b) True
24. 24.Arjun’s income was ₹210 and the profit was ₹70. One expense was ₹50 (transport). How much was the other expense, for ribbon (in ₹)?
25. 25.Gurpreet’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹50 (lemons)
    Expense: ₹80 (card paper)
    How much is the loss (in ₹)?
26. 26.📒 Why write down every sale and cost? (a) to look busy (b) to fill a notebook (c) no reason (d) to know the real profit
27. 27.True or false: “money from sales” is an expense (money out). (a) True (b) False
28. 28.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
29. 29.Vihaan’s record for the day:
    Income: ₹360 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹40 (ribbon)
    Expense: ₹170 (paper cups)
    What is the profit (in ₹)?
30. 30.Which of these is income (money in)? (a) paying the stall fee (b) bus fare to the market (c) money from sales (d) printing posters
31. 31.Nisha’s income was ₹440 and the profit was ₹210. One expense was ₹20 (posters). How much was the other expense, for ribbon (in ₹)?
32. 32.📒 Income or expense: bus fare to the market? (a) income (b) expense
33. 33.Which of these is income (money in)? (a) buying paper cups (b) tutoring fees received (c) paying the stall fee (d) bus fare to the market
34. 34.Diya’s record for the day:
    Income: ₹190 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹40 (posters)
    Expense: ₹170 (ribbon)
    What is the profit (in ₹)?
35. 35.Diya’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹120 (posters)
    Expense: ₹20 (ribbon)
    How much is the loss (in ₹)?
36. 36.Aarav’s stall took in ₹70 on Friday, ₹330 on Saturday and ₹70 on Sunday. What was the total income (in ₹)?
37. 37.📒 Income or expense: a card order paid? (a) expense (b) income
38. 38.True or false: “bus fare to the market” is income (money in). (a) False (b) True
39. 39.Nisha’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹330 (evening sales)
    Expense: ₹130 (sugar)
    Expense: ₹140 (lemons)
    What is the profit (in ₹)?
40. 40.Meera’s income was ₹110 and the profit was ₹70. One expense was ₹10 (ribbon). How much was the other expense, for transport (in ₹)?

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