Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 636 · 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: “money from sales” is an expense (money out). (a) False (b) True
2. 2.Which of these is an expense (money out)? (a) tutoring fees received (b) a card order paid (c) buying paper cups (d) money from sales
3. 3.True or false: “paying the stall fee” is income (money in). (a) False (b) True
4. 4.Gurpreet’s income was ₹450 and the profit was ₹370. One expense was ₹30 (card paper). How much was the other expense, for transport (in ₹)?
5. 5.Farhan’s income was ₹270 and the profit was ₹150. One expense was ₹50 (stall fee). How much was the other expense, for ribbon (in ₹)?
6. 6.Aarav’s income was ₹340 and the profit was ₹40. One expense was ₹170 (posters). How much was the other expense, for lemons (in ₹)?
7. 7.Gurpreet’s record for the day:
   Income: ₹200 (morning sales)
   Income: ₹190 (evening sales)
   Expense: ₹60 (posters)
   Expense: ₹50 (transport)
   What is the profit (in ₹)?
8. 8.Which of these is income (money in)? (a) payment for a cake order (b) buying paper cups (c) buying lemons (d) bus fare to the market
9. 9.Diya’s record for the day:
   Income: ₹280 (morning sales)
   Income: ₹20 (evening sales)
   Expense: ₹30 (card paper)
   Expense: ₹100 (ribbon)
   What is the profit (in ₹)?
10. 10.Meera’s record for the day:
    Income: ₹320 (morning sales)
    Income: ₹110 (evening sales)
    Expense: ₹100 (ribbon)
    Expense: ₹120 (posters)
    What is the profit (in ₹)?
11. 11.Which of these is income (money in)? (a) buying paper cups (b) cash from selling plants (c) printing posters (d) bus fare to the market
12. 12.📒 Income or expense: cash from selling plants? (a) income (b) expense
13. 13.Meera’s income was ₹300 and the profit was ₹180. One expense was ₹100 (posters). How much was the other expense, for lemons (in ₹)?
14. 14.Saanvi’s record for the day:
    Income: ₹330 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹50 (ribbon)
    Expense: ₹100 (paper cups)
    What is the profit (in ₹)?
15. 15.Which of these is an expense (money out)? (a) cash from selling plants (b) printing posters (c) money from sales (d) payment for a cake order
16. 16.Ananya’s stall took in ₹310 on Friday, ₹50 on Saturday and ₹140 on Sunday. What was the total income (in ₹)?
17. 17.📒 Income or expense: buying paper cups? (a) income (b) expense
18. 18.Which of these is an expense (money out)? (a) tutoring fees received (b) paying the stall fee (c) payment for a cake order (d) cash from selling plants
19. 19.True or false: “money from sales” is income (money in). (a) False (b) True
20. 20.📒 Why write down every sale and cost? (a) no reason (b) to know the real profit (c) to fill a notebook (d) to look busy
21. 21.📒 Income or expense: money from sales? (a) income (b) expense
22. 22.Which of these is income (money in)? (a) bus fare to the market (b) buying lemons (c) money from sales (d) paying the stall fee
23. 23.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
24. 24.📒 Income or expense: bus fare to the market? (a) income (b) expense
25. 25.➖ Profit in your records = (a) income − expenses (b) income + expenses (c) expenses − income (d) just the income
26. 26.📒 Income or expense: buying lemons? (a) expense (b) income
27. 27.True or false: “bus fare to the market” is income (money in). (a) True (b) False
28. 28.Which of these is income (money in)? (a) buying lemons (b) a card order paid (c) buying paper cups (d) paying the stall fee
29. 29.Nisha’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹70 (posters)
    Expense: ₹40 (stall fee)
    How much is the loss (in ₹)?
30. 30.🧾 What should you keep after buying supplies? (a) nothing (b) a selfie (c) the bill or receipt (d) only the bag
31. 31.Kabir’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹350 (evening sales)
    Expense: ₹130 (paper cups)
    Expense: ₹50 (sugar)
    What is the profit (in ₹)?
32. 32.📒 Income or expense: a card order paid? (a) expense (b) income
33. 33.Arjun’s stall took in ₹340 on Friday, ₹280 on Saturday and ₹160 on Sunday. What was the total income (in ₹)?
34. 34.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
35. 35.📅 When is the best time to update your records? (a) once a year (b) the same day (c) whenever you like (d) never
36. 36.Joseph’s income was ₹140 and the profit was ₹30. One expense was ₹50 (stall fee). How much was the other expense, for ribbon (in ₹)?
37. 37.Kavya’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹160 (evening sales)
    Expense: ₹140 (posters)
    Expense: ₹30 (sugar)
    What is the profit (in ₹)?
38. 38.Kabir’s stall took in ₹330 on Friday, ₹270 on Saturday and ₹220 on Sunday. What was the total income (in ₹)?
39. 39.Kabir’s record for the day:
    Income: ₹370 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹130 (paper cups)
    Expense: ₹100 (ribbon)
    What is the profit (in ₹)?
40. 40.True or false: “buying paper cups” is income (money in). (a) False (b) True

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