Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 676 · 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) the same day (b) once a year (c) whenever you like (d) never
2. 2.Which of these is an expense (money out)? (a) payment for a cake order (b) paying the stall fee (c) money from sales (d) tutoring fees received
3. 3.📒 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
4. 4.Arjun’s record for a rainy day:
   Income: ₹180 (sales)
   Expense: ₹150 (stall fee)
   Expense: ₹50 (lemons)
   How much is the loss (in ₹)?
5. 5.True or false: “payment for a cake order” is income (money in). (a) True (b) False
6. 6.True or false: “money from sales” is an expense (money out). (a) False (b) True
7. 7.Dev’s record for the day:
   Income: ₹360 (morning sales)
   Income: ₹240 (evening sales)
   Expense: ₹200 (ribbon)
   Expense: ₹160 (transport)
   What is the profit (in ₹)?
8. 8.📒 Income or expense: payment for a cake order? (a) expense (b) income
9. 9.Dev’s stall took in ₹250 on Friday, ₹240 on Saturday and ₹220 on Sunday. What was the total income (in ₹)?
10. 10.📒 Income or expense: bus fare to the market? (a) income (b) expense
11. 11.Joseph’s record for the day:
    Income: ₹190 (morning sales)
    Income: ₹60 (evening sales)
    Expense: ₹20 (stall fee)
    Expense: ₹100 (paper cups)
    What is the profit (in ₹)?
12. 12.Vihaan’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹50 (ribbon)
    Expense: ₹150 (lemons)
    How much is the loss (in ₹)?
13. 13.Which of these is income (money in)? (a) buying lemons (b) paying the stall fee (c) payment for a cake order (d) buying paper cups
14. 14.📒 Income or expense: a card order paid? (a) expense (b) income
15. 15.Nisha’s record for the day:
    Income: ₹240 (morning sales)
    Income: ₹160 (evening sales)
    Expense: ₹150 (ribbon)
    Expense: ₹90 (posters)
    What is the profit (in ₹)?
16. 16.📒 Income or expense: buying paper cups? (a) income (b) expense
17. 17.Dev’s record for the day:
    Income: ₹40 (morning sales)
    Income: ₹360 (evening sales)
    Expense: ₹90 (paper cups)
    Expense: ₹150 (stall fee)
    What is the profit (in ₹)?
18. 18.📒 Income or expense: money from sales? (a) income (b) expense
19. 19.Which of these is income (money in)? (a) buying lemons (b) tutoring fees received (c) buying paper cups (d) bus fare to the market
20. 20.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
21. 21.Which of these is income (money in)? (a) cash from selling plants (b) printing posters (c) buying paper cups (d) paying the stall fee
22. 22.Vihaan’s stall took in ₹50 on Friday, ₹380 on Saturday and ₹180 on Sunday. What was the total income (in ₹)?
23. 23.Aarav’s record for the day:
    Income: ₹190 (morning sales)
    Income: ₹210 (evening sales)
    Expense: ₹70 (paper cups)
    Expense: ₹110 (stall fee)
    What is the profit (in ₹)?
24. 24.Gurpreet’s stall took in ₹220 on Friday, ₹390 on Saturday and ₹230 on Sunday. What was the total income (in ₹)?
25. 25.Vihaan’s record for a rainy day:
    Income: ₹130 (sales)
    Expense: ₹60 (card paper)
    Expense: ₹110 (transport)
    How much is the loss (in ₹)?
26. 26.Riya’s record for a rainy day:
    Income: ₹280 (sales)
    Expense: ₹90 (lemons)
    Expense: ₹250 (transport)
    How much is the loss (in ₹)?
27. 27.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
28. 28.📒 Income or expense: printing posters? (a) income (b) expense
29. 29.Diya’s income was ₹420 and the profit was ₹80. One expense was ₹290 (lemons). How much was the other expense, for transport (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.Saanvi’s income was ₹160 and the profit was ₹30. One expense was ₹30 (ribbon). How much was the other expense, for paper cups (in ₹)?
32. 32.True or false: “printing posters” is an expense (money out). (a) True (b) False
33. 33.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
34. 34.➖ Profit in your records = (a) income + expenses (b) expenses − income (c) income − expenses (d) just the income
35. 35.Rohan’s record for the day:
    Income: ₹370 (morning sales)
    Income: ₹60 (evening sales)
    Expense: ₹60 (posters)
    Expense: ₹130 (stall fee)
    What is the profit (in ₹)?
36. 36.📒 Income or expense: paying the stall fee? (a) expense (b) income
37. 37.Kabir’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹10 (ribbon)
    Expense: ₹200 (stall fee)
    How much is the loss (in ₹)?
38. 38.Ananya’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹160 (ribbon)
    Expense: ₹120 (transport)
    How much is the loss (in ₹)?
39. 39.Kavya’s income was ₹490 and the profit was ₹350. One expense was ₹90 (ribbon). How much was the other expense, for lemons (in ₹)?
40. 40.Kabir’s income was ₹290 and the profit was ₹140. One expense was ₹20 (transport). How much was the other expense, for card paper (in ₹)?

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