Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 643 · 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.📅 When is the best time to update your records? (a) once a year (b) never (c) whenever you like (d) the same day
2. 2.Dev’s record for the day:
   Income: ₹250 (morning sales)
   Income: ₹110 (evening sales)
   Expense: ₹170 (lemons)
   Expense: ₹100 (card paper)
   What is the profit (in ₹)?
3. 3.True or false: “buying lemons” is an expense (money out). (a) False (b) True
4. 4.Which of these is an expense (money out)? (a) buying paper cups (b) payment for a cake order (c) money from sales (d) a card order paid
5. 5.Lakshmi’s stall took in ₹380 on Friday, ₹130 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
6. 6.Diya’s record for a rainy day:
   Income: ₹50 (sales)
   Expense: ₹50 (posters)
   Expense: ₹10 (lemons)
   How much is the loss (in ₹)?
7. 7.Vihaan’s stall took in ₹210 on Friday, ₹260 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
8. 8.Diya’s record for a rainy day:
   Income: ₹110 (sales)
   Expense: ₹30 (stall fee)
   Expense: ₹100 (lemons)
   How much is the loss (in ₹)?
9. 9.Vihaan’s record for a rainy day:
   Income: ₹50 (sales)
   Expense: ₹20 (card paper)
   Expense: ₹130 (posters)
   How much is the loss (in ₹)?
10. 10.Diya’s record for the day:
    Income: ₹210 (morning sales)
    Income: ₹260 (evening sales)
    Expense: ₹120 (sugar)
    Expense: ₹140 (ribbon)
    What is the profit (in ₹)?
11. 11.📒 Income or expense: a card order paid? (a) expense (b) income
12. 12.Ananya’s income was ₹470 and the profit was ₹140. One expense was ₹100 (lemons). How much was the other expense, for transport (in ₹)?
13. 13.Dev’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹200 (evening sales)
    Expense: ₹110 (sugar)
    Expense: ₹40 (transport)
    What is the profit (in ₹)?
14. 14.Aarav’s stall took in ₹130 on Friday, ₹290 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?
15. 15.📒 Why write down every sale and cost? (a) to look busy (b) no reason (c) to know the real profit (d) to fill a notebook
16. 16.Which of these is income (money in)? (a) bus fare to the market (b) buying paper cups (c) paying the stall fee (d) cash from selling plants
17. 17.True or false: “buying paper cups” is an expense (money out). (a) True (b) False
18. 18.📒 Income or expense: tutoring fees received? (a) expense (b) income
19. 19.Which of these is income (money in)? (a) printing posters (b) bus fare to the market (c) tutoring fees received (d) paying the stall fee
20. 20.Tara’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹40 (posters)
    Expense: ₹30 (paper cups)
    What is the profit (in ₹)?
21. 21.Tara’s stall took in ₹360 on Friday, ₹290 on Saturday and ₹350 on Sunday. What was the total income (in ₹)?
22. 22.📒 Income or expense: payment for a cake order? (a) expense (b) income
23. 23.Aarav’s record for the day:
    Income: ₹490 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹140 (transport)
    Expense: ₹190 (ribbon)
    What is the profit (in ₹)?
24. 24.True or false: “a card order paid” is income (money in). (a) False (b) True
25. 25.True or false: “printing posters” is an expense (money out). (a) True (b) False
26. 26.Arjun’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹250 (lemons)
    Expense: ₹70 (card paper)
    How much is the loss (in ₹)?
27. 27.Which of these is income (money in)? (a) paying the stall fee (b) buying paper cups (c) buying lemons (d) money from sales
28. 28.Kavya’s stall took in ₹180 on Friday, ₹110 on Saturday and ₹50 on Sunday. What was the total income (in ₹)?
29. 29.Meera’s income was ₹340 and the profit was ₹30. One expense was ₹150 (ribbon). How much was the other expense, for transport (in ₹)?
30. 30.Vihaan’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹20 (transport)
    Expense: ₹60 (paper cups)
    How much is the loss (in ₹)?
31. 31.➖ Profit in your records = (a) income + expenses (b) expenses − income (c) just the income (d) income − expenses
32. 32.Which of these is an expense (money out)? (a) tutoring fees received (b) printing posters (c) payment for a cake order (d) cash from selling plants
33. 33.Gurpreet’s income was ₹200 and the profit was ₹120. One expense was ₹40 (lemons). How much was the other expense, for ribbon (in ₹)?
34. 34.Zoya’s stall took in ₹250 on Friday, ₹180 on Saturday and ₹210 on Sunday. What was the total income (in ₹)?
35. 35.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
36. 36.Which of these is income (money in)? (a) buying paper cups (b) paying the stall fee (c) payment for a cake order (d) bus fare to the market
37. 37.Gurpreet’s income was ₹380 and the profit was ₹260. One expense was ₹80 (paper cups). How much was the other expense, for sugar (in ₹)?
38. 38.Farhan’s income was ₹440 and the profit was ₹50. One expense was ₹240 (ribbon). How much was the other expense, for sugar (in ₹)?
39. 39.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
40. 40.True or false: “paying the stall fee” is income (money in). (a) True (b) False

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