Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 692 · 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.Which of these is an expense (money out)? (a) money from sales (b) paying the stall fee (c) a card order paid (d) cash from selling plants
2. 2.📅 When is the best time to update your records? (a) never (b) the same day (c) whenever you like (d) once a year
3. 3.📒 Income or expense: printing posters? (a) expense (b) income
4. 4.➖ Profit in your records = (a) just the income (b) income − expenses (c) income + expenses (d) expenses − income
5. 5.Ishaan’s income was ₹170 and the profit was ₹10. One expense was ₹20 (stall fee). How much was the other expense, for transport (in ₹)?
6. 6.Meera’s record for the day:
   Income: ₹340 (morning sales)
   Income: ₹80 (evening sales)
   Expense: ₹180 (card paper)
   Expense: ₹90 (sugar)
   What is the profit (in ₹)?
7. 7.📒 Income or expense: buying lemons? (a) expense (b) income
8. 8.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
9. 9.Gurpreet’s record for a rainy day:
   Income: ₹240 (sales)
   Expense: ₹10 (sugar)
   Expense: ₹300 (lemons)
   How much is the loss (in ₹)?
10. 10.📒 Income or expense: bus fare to the market? (a) expense (b) income
11. 11.Ishaan’s stall took in ₹90 on Friday, ₹170 on Saturday and ₹380 on Sunday. What was the total income (in ₹)?
12. 12.📒 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
13. 13.Aarav’s income was ₹490 and the profit was ₹140. One expense was ₹20 (lemons). How much was the other expense, for sugar (in ₹)?
14. 14.True or false: “tutoring fees received” is income (money in). (a) True (b) False
15. 15.Farhan’s income was ₹340 and the profit was ₹290. One expense was ₹10 (posters). How much was the other expense, for lemons (in ₹)?
16. 16.True or false: “buying paper cups” is an expense (money out). (a) True (b) False
17. 17.Lakshmi’s stall took in ₹310 on Friday, ₹290 on Saturday and ₹390 on Sunday. What was the total income (in ₹)?
18. 18.True or false: “money from sales” is income (money in). (a) True (b) False
19. 19.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
20. 20.True or false: “buying lemons” is an expense (money out). (a) True (b) False
21. 21.Which of these is an expense (money out)? (a) tutoring fees received (b) payment for a cake order (c) bus fare to the market (d) money from sales
22. 22.True or false: “bus fare to the market” is income (money in). (a) False (b) True
23. 23.Which of these is an expense (money out)? (a) money from sales (b) cash from selling plants (c) buying paper cups (d) tutoring fees received
24. 24.📒 Income or expense: cash from selling plants? (a) income (b) expense
25. 25.Meera’s income was ₹470 and the profit was ₹360. One expense was ₹60 (card paper). How much was the other expense, for posters (in ₹)?
26. 26.📒 Income or expense: tutoring fees received? (a) expense (b) income
27. 27.📒 Income or expense: buying paper cups? (a) income (b) expense
28. 28.Dev’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹120 (paper cups)
    Expense: ₹30 (ribbon)
    How much is the loss (in ₹)?
29. 29.Which of these is income (money in)? (a) buying paper cups (b) money from sales (c) bus fare to the market (d) printing posters
30. 30.Vihaan’s income was ₹490 and the profit was ₹70. One expense was ₹140 (paper cups). How much was the other expense, for posters (in ₹)?
31. 31.Lakshmi’s stall took in ₹360 on Friday, ₹370 on Saturday and ₹380 on Sunday. What was the total income (in ₹)?
32. 32.Joseph’s record for a rainy day:
    Income: ₹260 (sales)
    Expense: ₹160 (lemons)
    Expense: ₹130 (card paper)
    How much is the loss (in ₹)?
33. 33.📒 Income or expense: payment for a cake order? (a) income (b) expense
34. 34.🧾 What should you keep after buying supplies? (a) only the bag (b) the bill or receipt (c) nothing (d) a selfie
35. 35.True or false: “money from sales” is an expense (money out). (a) True (b) False
36. 36.Dev’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹240 (ribbon)
    Expense: ₹40 (paper cups)
    How much is the loss (in ₹)?
37. 37.Nisha’s income was ₹210 and the profit was ₹30. One expense was ₹10 (card paper). How much was the other expense, for ribbon (in ₹)?
38. 38.Zoya’s income was ₹210 and the profit was ₹190. One expense was ₹10 (ribbon). How much was the other expense, for paper cups (in ₹)?
39. 39.Zoya’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹200 (evening sales)
    Expense: ₹90 (posters)
    Expense: ₹40 (sugar)
    What is the profit (in ₹)?
40. 40.Vihaan’s income was ₹440 and the profit was ₹340. One expense was ₹60 (ribbon). How much was the other expense, for stall fee (in ₹)?

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