Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 639 · 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.📒 Income or expense: payment for a cake order? (a) expense (b) income
2. 2.Which of these is income (money in)? (a) bus fare to the market (b) tutoring fees received (c) paying the stall fee (d) buying paper cups
3. 3.Which of these is an expense (money out)? (a) a card order paid (b) payment for a cake order (c) paying the stall fee (d) cash from selling plants
4. 4.Farhan’s record for a rainy day:
   Income: ₹240 (sales)
   Expense: ₹230 (lemons)
   Expense: ₹20 (stall fee)
   How much is the loss (in ₹)?
5. 5.🧾 What should you keep after buying supplies? (a) a selfie (b) only the bag (c) nothing (d) the bill or receipt
6. 6.Diya’s income was ₹280 and the profit was ₹60. One expense was ₹30 (ribbon). How much was the other expense, for sugar (in ₹)?
7. 7.📒 Income or expense: cash from selling plants? (a) expense (b) income
8. 8.Lakshmi’s income was ₹190 and the profit was ₹20. One expense was ₹70 (lemons). How much was the other expense, for posters (in ₹)?
9. 9.True or false: “buying lemons” is income (money in). (a) False (b) True
10. 10.Kabir’s record for the day:
    Income: ₹140 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹60 (ribbon)
    Expense: ₹130 (sugar)
    What is the profit (in ₹)?
11. 11.📒 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
12. 12.Farhan’s income was ₹100 and the profit was ₹50. One expense was ₹10 (card paper). How much was the other expense, for ribbon (in ₹)?
13. 13.📅 When is the best time to update your records? (a) once a year (b) never (c) the same day (d) whenever you like
14. 14.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
15. 15.Arjun’s income was ₹270 and the profit was ₹220. One expense was ₹30 (paper cups). How much was the other expense, for lemons (in ₹)?
16. 16.Arjun’s record for a rainy day:
    Income: ₹300 (sales)
    Expense: ₹70 (stall fee)
    Expense: ₹260 (ribbon)
    How much is the loss (in ₹)?
17. 17.Ananya’s income was ₹400 and the profit was ₹70. One expense was ₹10 (posters). How much was the other expense, for ribbon (in ₹)?
18. 18.➖ Profit in your records = (a) income − expenses (b) just the income (c) expenses − income (d) income + expenses
19. 19.📒 Income or expense: money from sales? (a) income (b) expense
20. 20.Which of these is income (money in)? (a) payment for a cake order (b) printing posters (c) bus fare to the market (d) buying paper cups
21. 21.Which of these is income (money in)? (a) cash from selling plants (b) buying paper cups (c) printing posters (d) bus fare to the market
22. 22.📒 Income or expense: paying the stall fee? (a) expense (b) income
23. 23.Arjun’s record for a rainy day:
    Income: ₹280 (sales)
    Expense: ₹50 (stall fee)
    Expense: ₹270 (paper cups)
    How much is the loss (in ₹)?
24. 24.Diya’s record for a rainy day:
    Income: ₹130 (sales)
    Expense: ₹110 (transport)
    Expense: ₹100 (paper cups)
    How much is the loss (in ₹)?
25. 25.Arjun’s income was ₹480 and the profit was ₹90. One expense was ₹40 (ribbon). How much was the other expense, for card paper (in ₹)?
26. 26.True or false: “a card order paid” is an expense (money out). (a) True (b) False
27. 27.Ishaan’s income was ₹240 and the profit was ₹210. One expense was ₹20 (transport). How much was the other expense, for posters (in ₹)?
28. 28.Which of these is an expense (money out)? (a) tutoring fees received (b) printing posters (c) payment for a cake order (d) a card order paid
29. 29.Which of these is income (money in)? (a) bus fare to the market (b) buying paper cups (c) money from sales (d) paying the stall fee
30. 30.Arjun’s income was ₹280 and the profit was ₹40. One expense was ₹90 (sugar). How much was the other expense, for paper cups (in ₹)?
31. 31.Ananya’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹60 (paper cups)
    Expense: ₹140 (card paper)
    How much is the loss (in ₹)?
32. 32.Farhan’s stall took in ₹240 on Friday, ₹210 on Saturday and ₹360 on Sunday. What was the total income (in ₹)?
33. 33.Which of these is an expense (money out)? (a) bus fare to the market (b) money from sales (c) payment for a cake order (d) tutoring fees received
34. 34.True or false: “a card order paid” is income (money in). (a) False (b) True
35. 35.Tara’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹200 (stall fee)
    Expense: ₹70 (card paper)
    How much is the loss (in ₹)?
36. 36.Farhan’s income was ₹470 and the profit was ₹70. One expense was ₹130 (sugar). How much was the other expense, for paper cups (in ₹)?
37. 37.True or false: “money from sales” is an expense (money out). (a) True (b) False
38. 38.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
39. 39.Rohan’s stall took in ₹290 on Friday, ₹110 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
40. 40.True or false: “buying paper cups” is income (money in). (a) True (b) False

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