Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 599 · 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: “payment for a cake order” is income (money in). (a) False (b) True
2. 2.Tara’s record for the day:
   Income: ₹60 (morning sales)
   Income: ₹60 (evening sales)
   Expense: ₹40 (paper cups)
   Expense: ₹40 (ribbon)
   What is the profit (in ₹)?
3. 3.Riya’s record for a rainy day:
   Income: ₹130 (sales)
   Expense: ₹40 (posters)
   Expense: ₹180 (paper cups)
   How much is the loss (in ₹)?
4. 4.📒 Why write down every sale and cost? (a) to know the real profit (b) no reason (c) to fill a notebook (d) to look busy
5. 5.True or false: “tutoring fees received” is income (money in). (a) True (b) False
6. 6.📒 Income or expense: buying lemons? (a) income (b) expense
7. 7.Nisha’s record for a rainy day:
   Income: ₹100 (sales)
   Expense: ₹20 (lemons)
   Expense: ₹160 (card paper)
   How much is the loss (in ₹)?
8. 8.Nisha’s record for the day:
   Income: ₹340 (morning sales)
   Income: ₹90 (evening sales)
   Expense: ₹200 (ribbon)
   Expense: ₹80 (transport)
   What is the profit (in ₹)?
9. 9.📒 Income or expense: paying the stall fee? (a) income (b) expense
10. 10.True or false: “buying lemons” is income (money in). (a) False (b) True
11. 11.Arjun’s record for a rainy day:
    Income: ₹260 (sales)
    Expense: ₹90 (paper cups)
    Expense: ₹180 (ribbon)
    How much is the loss (in ₹)?
12. 12.Aarav’s income was ₹100 and the profit was ₹70. One expense was ₹20 (posters). How much was the other expense, for paper cups (in ₹)?
13. 13.📒 Income or expense: payment for a cake order? (a) expense (b) income
14. 14.Which of these is an expense (money out)? (a) tutoring fees received (b) buying lemons (c) money from sales (d) payment for a cake order
15. 15.➖ Profit in your records = (a) income − expenses (b) income + expenses (c) expenses − income (d) just the income
16. 16.Tara’s income was ₹150 and the profit was ₹70. One expense was ₹70 (posters). How much was the other expense, for paper cups (in ₹)?
17. 17.Which of these is income (money in)? (a) bus fare to the market (b) printing posters (c) money from sales (d) buying paper cups
18. 18.True or false: “buying lemons” is an expense (money out). (a) True (b) False
19. 19.True or false: “buying paper cups” is income (money in). (a) True (b) False
20. 20.Nisha’s record for a rainy day:
    Income: ₹160 (sales)
    Expense: ₹60 (lemons)
    Expense: ₹170 (posters)
    How much is the loss (in ₹)?
21. 21.📅 When is the best time to update your records? (a) the same day (b) never (c) once a year (d) whenever you like
22. 22.Ishaan’s record for the day:
    Income: ₹260 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹150 (card paper)
    Expense: ₹90 (stall fee)
    What is the profit (in ₹)?
23. 23.📒 Income or expense: money from sales? (a) income (b) expense
24. 24.Ishaan’s income was ₹280 and the profit was ₹240. One expense was ₹30 (paper cups). How much was the other expense, for ribbon (in ₹)?
25. 25.📒 Income or expense: buying paper cups? (a) expense (b) income
26. 26.Rohan’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹370 (evening sales)
    Expense: ₹40 (transport)
    Expense: ₹140 (lemons)
    What is the profit (in ₹)?
27. 27.Diya’s record for the day:
    Income: ₹200 (morning sales)
    Income: ₹330 (evening sales)
    Expense: ₹180 (paper cups)
    Expense: ₹180 (lemons)
    What is the profit (in ₹)?
28. 28.Gurpreet’s income was ₹330 and the profit was ₹40. One expense was ₹80 (ribbon). How much was the other expense, for card paper (in ₹)?
29. 29.True or false: “money from sales” is income (money in). (a) True (b) False
30. 30.📒 Income or expense: printing posters? (a) income (b) expense
31. 31.Diya’s stall took in ₹350 on Friday, ₹320 on Saturday and ₹120 on Sunday. What was the total income (in ₹)?
32. 32.True or false: “paying the stall fee” is income (money in). (a) False (b) True
33. 33.Tara’s stall took in ₹100 on Friday, ₹210 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?
34. 34.Vihaan’s record for a rainy day:
    Income: ₹300 (sales)
    Expense: ₹190 (transport)
    Expense: ₹150 (ribbon)
    How much is the loss (in ₹)?
35. 35.Zoya’s income was ₹310 and the profit was ₹220. One expense was ₹60 (lemons). How much was the other expense, for transport (in ₹)?
36. 36.Diya’s record for the day:
    Income: ₹60 (morning sales)
    Income: ₹280 (evening sales)
    Expense: ₹130 (lemons)
    Expense: ₹170 (ribbon)
    What is the profit (in ₹)?
37. 37.Nisha’s record for the day:
    Income: ₹370 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹100 (paper cups)
    Expense: ₹160 (ribbon)
    What is the profit (in ₹)?
38. 38.Farhan’s record for the day:
    Income: ₹360 (morning sales)
    Income: ₹300 (evening sales)
    Expense: ₹160 (stall fee)
    Expense: ₹200 (paper cups)
    What is the profit (in ₹)?
39. 39.Which of these is income (money in)? (a) bus fare to the market (b) payment for a cake order (c) printing posters (d) buying lemons
40. 40.📒 Income or expense: a card order paid? (a) expense (b) income

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