Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 674 · 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.➖ Profit in your records = (a) just the income (b) expenses − income (c) income + expenses (d) income − expenses
2. 2.True or false: “money from sales” is an expense (money out). (a) False (b) True
3. 3.Which of these is an expense (money out)? (a) money from sales (b) a card order paid (c) cash from selling plants (d) buying lemons
4. 4.Rohan’s record for the day:
   Income: ₹10 (morning sales)
   Income: ₹280 (evening sales)
   Expense: ₹160 (sugar)
   Expense: ₹40 (stall fee)
   What is the profit (in ₹)?
5. 5.📒 Income or expense: paying the stall fee? (a) income (b) expense
6. 6.Diya’s income was ₹480 and the profit was ₹190. One expense was ₹20 (transport). How much was the other expense, for posters (in ₹)?
7. 7.Aarav’s stall took in ₹180 on Friday, ₹220 on Saturday and ₹350 on Sunday. What was the total income (in ₹)?
8. 8.True or false: “payment for a cake order” is income (money in). (a) False (b) True
9. 9.📒 Income or expense: cash from selling plants? (a) expense (b) income
10. 10.Lakshmi’s stall took in ₹340 on Friday, ₹310 on Saturday and ₹370 on Sunday. What was the total income (in ₹)?
11. 11.Which of these is an expense (money out)? (a) payment for a cake order (b) buying paper cups (c) tutoring fees received (d) a card order paid
12. 12.📒 Income or expense: money from sales? (a) expense (b) income
13. 13.Gurpreet’s income was ₹470 and the profit was ₹440. One expense was ₹10 (stall fee). How much was the other expense, for card paper (in ₹)?
14. 14.Nisha’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹50 (card paper)
    Expense: ₹50 (lemons)
    What is the profit (in ₹)?
15. 15.Kavya’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹90 (evening sales)
    Expense: ₹50 (paper cups)
    Expense: ₹130 (transport)
    What is the profit (in ₹)?
16. 16.Ananya’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹20 (stall fee)
    Expense: ₹110 (card paper)
    How much is the loss (in ₹)?
17. 17.📅 When is the best time to update your records? (a) once a year (b) never (c) whenever you like (d) the same day
18. 18.Vihaan’s record for a rainy day:
    Income: ₹280 (sales)
    Expense: ₹40 (sugar)
    Expense: ₹250 (ribbon)
    How much is the loss (in ₹)?
19. 19.📒 Income or expense: printing posters? (a) expense (b) income
20. 20.Gurpreet’s stall took in ₹90 on Friday, ₹370 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
21. 21.📒 Why write down every sale and cost? (a) to look busy (b) to fill a notebook (c) no reason (d) to know the real profit
22. 22.Dev’s record for the day:
    Income: ₹370 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹200 (lemons)
    Expense: ₹30 (paper cups)
    What is the profit (in ₹)?
23. 23.True or false: “buying lemons” is an expense (money out). (a) True (b) False
24. 24.Which of these is income (money in)? (a) printing posters (b) buying paper cups (c) paying the stall fee (d) payment for a cake order
25. 25.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
26. 26.Which of these is an expense (money out)? (a) money from sales (b) paying the stall fee (c) payment for a cake order (d) cash from selling plants
27. 27.Tara’s stall took in ₹210 on Friday, ₹90 on Saturday and ₹250 on Sunday. What was the total income (in ₹)?
28. 28.Diya’s stall took in ₹310 on Friday, ₹200 on Saturday and ₹140 on Sunday. What was the total income (in ₹)?
29. 29.Farhan’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹230 (evening sales)
    Expense: ₹30 (posters)
    Expense: ₹140 (card paper)
    What is the profit (in ₹)?
30. 30.Ananya’s income was ₹150 and the profit was ₹20. One expense was ₹90 (lemons). How much was the other expense, for paper cups (in ₹)?
31. 31.📒 Income or expense: payment for a cake order? (a) expense (b) income
32. 32.Riya’s stall took in ₹50 on Friday, ₹390 on Saturday and ₹140 on Sunday. What was the total income (in ₹)?
33. 33.True or false: “buying lemons” is income (money in). (a) False (b) True
34. 34.Lakshmi’s income was ₹440 and the profit was ₹320. One expense was ₹60 (lemons). How much was the other expense, for posters (in ₹)?
35. 35.Arjun’s income was ₹440 and the profit was ₹300. One expense was ₹20 (stall fee). How much was the other expense, for sugar (in ₹)?
36. 36.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
37. 37.Ananya’s record for the day:
    Income: ₹60 (morning sales)
    Income: ₹280 (evening sales)
    Expense: ₹30 (posters)
    Expense: ₹150 (stall fee)
    What is the profit (in ₹)?
38. 38.📒 Income or expense: bus fare to the market? (a) income (b) expense
39. 39.Saanvi’s record for the day:
    Income: ₹300 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹80 (posters)
    Expense: ₹180 (lemons)
    What is the profit (in ₹)?
40. 40.Ananya’s income was ₹460 and the profit was ₹70. One expense was ₹220 (stall fee). How much was the other expense, for card paper (in ₹)?

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