Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 666 · 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.📒 Why write down every sale and cost? (a) to fill a notebook (b) to look busy (c) no reason (d) to know the real profit
2. 2.➖ Profit in your records = (a) just the income (b) expenses − income (c) income + expenses (d) income − expenses
3. 3.True or false: “paying the stall fee” is income (money in). (a) False (b) True
4. 4.Kabir’s income was ₹190 and the profit was ₹80. One expense was ₹20 (lemons). How much was the other expense, for posters (in ₹)?
5. 5.Farhan’s record for a rainy day:
   Income: ₹110 (sales)
   Expense: ₹190 (ribbon)
   Expense: ₹10 (posters)
   How much is the loss (in ₹)?
6. 6.Which of these is an expense (money out)? (a) paying the stall fee (b) tutoring fees received (c) money from sales (d) payment for a cake order
7. 7.Vihaan’s income was ₹370 and the profit was ₹100. One expense was ₹230 (card paper). How much was the other expense, for ribbon (in ₹)?
8. 8.📒 Income or expense: money from sales? (a) income (b) expense
9. 9.📒 Income or expense: cash from selling plants? (a) income (b) expense
10. 10.Which of these is income (money in)? (a) paying the stall fee (b) bus fare to the market (c) buying paper cups (d) payment for a cake order
11. 11.Ishaan’s record for a rainy day:
    Income: ₹240 (sales)
    Expense: ₹150 (posters)
    Expense: ₹180 (ribbon)
    How much is the loss (in ₹)?
12. 12.Joseph’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹40 (stall fee)
    Expense: ₹80 (posters)
    How much is the loss (in ₹)?
13. 13.Kabir’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹30 (lemons)
    Expense: ₹150 (transport)
    How much is the loss (in ₹)?
14. 14.Tara’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹170 (lemons)
    Expense: ₹100 (sugar)
    How much is the loss (in ₹)?
15. 15.Aarav’s record for a rainy day:
    Income: ₹230 (sales)
    Expense: ₹80 (card paper)
    Expense: ₹170 (lemons)
    How much is the loss (in ₹)?
16. 16.Zoya’s stall took in ₹90 on Friday, ₹130 on Saturday and ₹220 on Sunday. What was the total income (in ₹)?
17. 17.Tara’s stall took in ₹140 on Friday, ₹330 on Saturday and ₹310 on Sunday. What was the total income (in ₹)?
18. 18.True or false: “money from sales” is income (money in). (a) False (b) True
19. 19.📒 Income or expense: buying paper cups? (a) expense (b) income
20. 20.Meera’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹20 (transport)
    Expense: ₹180 (lemons)
    How much is the loss (in ₹)?
21. 21.Which of these is an expense (money out)? (a) a card order paid (b) money from sales (c) cash from selling plants (d) buying lemons
22. 22.Which of these is income (money in)? (a) buying paper cups (b) bus fare to the market (c) buying lemons (d) a card order paid
23. 23.📒 Income or expense: bus fare to the market? (a) income (b) expense
24. 24.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
25. 25.Meera’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹100 (sugar)
    Expense: ₹50 (card paper)
    How much is the loss (in ₹)?
26. 26.Kabir’s record for the day:
    Income: ₹390 (morning sales)
    Income: ₹210 (evening sales)
    Expense: ₹130 (lemons)
    Expense: ₹180 (sugar)
    What is the profit (in ₹)?
27. 27.📒 Income or expense: tutoring fees received? (a) income (b) expense
28. 28.Meera’s record for the day:
    Income: ₹290 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹80 (paper cups)
    Expense: ₹50 (sugar)
    What is the profit (in ₹)?
29. 29.True or false: “buying lemons” is an expense (money out). (a) False (b) True
30. 30.Diya’s record for the day:
    Income: ₹230 (morning sales)
    Income: ₹200 (evening sales)
    Expense: ₹180 (card paper)
    Expense: ₹170 (lemons)
    What is the profit (in ₹)?
31. 31.Rohan’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹280 (card paper)
    Expense: ₹50 (stall fee)
    How much is the loss (in ₹)?
32. 32.Which of these is an expense (money out)? (a) printing posters (b) a card order paid (c) cash from selling plants (d) tutoring fees received
33. 33.Which of these is income (money in)? (a) paying the stall fee (b) tutoring fees received (c) bus fare to the market (d) buying lemons
34. 34.Farhan’s stall took in ₹380 on Friday, ₹330 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?
35. 35.True or false: “money from sales” is an expense (money out). (a) False (b) True
36. 36.📒 Income or expense: printing posters? (a) income (b) expense
37. 37.📒 Income or expense: paying the stall fee? (a) income (b) expense
38. 38.Which of these is income (money in)? (a) cash from selling plants (b) printing posters (c) paying the stall fee (d) bus fare to the market
39. 39.📅 When is the best time to update your records? (a) whenever you like (b) once a year (c) the same day (d) never
40. 40.Joseph’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹160 (evening sales)
    Expense: ₹40 (posters)
    Expense: ₹170 (card paper)
    What is the profit (in ₹)?

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