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Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 600 · 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: buying paper cups? (a) income (b) expense
  2. 2.🧾 What should you keep after buying supplies? (a) only the bag (b) a selfie (c) the bill or receipt (d) nothing
  3. 3.Farhan’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹130 (ribbon)
    Expense: ₹220 (transport)
    How much is the loss (in ₹)?
  4. 4.Tara’s stall took in ₹360 on Friday, ₹70 on Saturday and ₹400 on Sunday. What was the total income (in ₹)?
  5. 5.Lakshmi’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹20 (sugar)
    Expense: ₹50 (ribbon)
    How much is the loss (in ₹)?
  6. 6.Kabir’s income was ₹260 and the profit was ₹20. One expense was ₹130 (transport). How much was the other expense, for ribbon (in ₹)?
  7. 7.True or false: “money from sales” is income (money in). (a) True (b) False
  8. 8.Kavya’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹90 (stall fee)
    Expense: ₹170 (sugar)
    How much is the loss (in ₹)?
  9. 9.Tara’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹20 (posters)
    Expense: ₹80 (card paper)
    How much is the loss (in ₹)?
  10. 10.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
  11. 11.True or false: “bus fare to the market” is income (money in). (a) True (b) False
  12. 12.Ananya’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹20 (stall fee)
    Expense: ₹110 (lemons)
    How much is the loss (in ₹)?
  13. 13.Lakshmi’s income was ₹410 and the profit was ₹260. One expense was ₹10 (posters). How much was the other expense, for paper cups (in ₹)?
  14. 14.Kabir’s record for the day:
    Income: ₹120 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹150 (lemons)
    Expense: ₹70 (transport)
    What is the profit (in ₹)?
  15. 15.Diya’s stall took in ₹90 on Friday, ₹120 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
  16. 16.Which of these is income (money in)? (a) printing posters (b) paying the stall fee (c) a card order paid (d) buying lemons
  17. 17.Lakshmi’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹120 (sugar)
    Expense: ₹80 (ribbon)
    What is the profit (in ₹)?
  18. 18.➖ Profit in your records = (a) income + expenses (b) expenses − income (c) just the income (d) income − expenses
  19. 19.📅 When is the best time to update your records? (a) whenever you like (b) never (c) once a year (d) the same day
  20. 20.Meera’s record for a rainy day:
    Income: ₹80 (sales)
    Expense: ₹60 (paper cups)
    Expense: ₹100 (lemons)
    How much is the loss (in ₹)?
  21. 21.True or false: “a card order paid” is an expense (money out). (a) False (b) True
  22. 22.📒 Income or expense: payment for a cake order? (a) expense (b) income
  23. 23.📒 Income or expense: bus fare to the market? (a) income (b) expense
  24. 24.Ananya’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹280 (lemons)
    Expense: ₹10 (paper cups)
    How much is the loss (in ₹)?
  25. 25.📒 Income or expense: printing posters? (a) income (b) expense
  26. 26.📒 Why write down every sale and cost? (a) to fill a notebook (b) to know the real profit (c) no reason (d) to look busy
  27. 27.Lakshmi’s income was ₹310 and the profit was ₹270. One expense was ₹30 (stall fee). How much was the other expense, for transport (in ₹)?
  28. 28.📒 Income or expense: cash from selling plants? (a) expense (b) income
  29. 29.📒 Income or expense: buying lemons? (a) income (b) expense
  30. 30.Joseph’s stall took in ₹150 on Friday, ₹330 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
  31. 31.📒 Income or expense: tutoring fees received? (a) expense (b) income
  32. 32.Nisha’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹130 (posters)
    Expense: ₹130 (ribbon)
    How much is the loss (in ₹)?
  33. 33.Ananya’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹10 (sugar)
    Expense: ₹100 (ribbon)
    How much is the loss (in ₹)?
  34. 34.True or false: “tutoring fees received” is income (money in). (a) True (b) False
  35. 35.True or false: “printing posters” is income (money in). (a) False (b) True
  36. 36.Zoya’s record for a rainy day:
    Income: ₹230 (sales)
    Expense: ₹60 (lemons)
    Expense: ₹230 (posters)
    How much is the loss (in ₹)?
  37. 37.Which of these is an expense (money out)? (a) payment for a cake order (b) bus fare to the market (c) tutoring fees received (d) money from sales
  38. 38.Which of these is income (money in)? (a) buying lemons (b) tutoring fees received (c) paying the stall fee (d) printing posters
  39. 39.Aarav’s record for a rainy day:
    Income: ₹180 (sales)
    Expense: ₹180 (lemons)
    Expense: ₹10 (card paper)
    How much is the loss (in ₹)?
  40. 40.Which of these is income (money in)? (a) printing posters (b) buying paper cups (c) payment for a cake order (d) bus fare to the market

Answer key

  1. expense
  2. the bill or receipt
  3. 60
  4. 830
  5. 20
  6. 110
  7. True
  8. 90
  9. 10
  10. True
  11. False
  12. 40
  13. 140
  14. 20
  15. 380
  16. a card order paid
  17. 150
  18. income − expenses
  19. the same day
  20. 80
  21. False
  22. income
  23. expense
  24. 20
  25. expense
  26. to know the real profit
  27. 10
  28. income
  29. expense
  30. 820
  31. income
  32. 60
  33. 40
  34. True
  35. False
  36. 60
  37. bus fare to the market
  38. tutoring fees received
  39. 10
  40. payment for a cake order

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