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Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 698 · 40 questions
TalentJR

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.

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  1. 1.True or false: “printing posters” is income (money in). (a) True (b) False
  2. 2.Rohan’s income was ₹380 and the profit was ₹280. One expense was ₹10 (sugar). How much was the other expense, for card paper (in ₹)?
  3. 3.Riya’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹70 (sugar)
    Expense: ₹50 (posters)
    What is the profit (in ₹)?
  4. 4.True or false: “tutoring fees received” is income (money in). (a) False (b) True
  5. 5.True or false: “buying paper cups” is income (money in). (a) True (b) False
  6. 6.True or false: “cash from selling plants” is income (money in). (a) False (b) True
  7. 7.📒 Income or expense: tutoring fees received? (a) expense (b) income
  8. 8.📒 Income or expense: cash from selling plants? (a) expense (b) income
  9. 9.Diya’s record for the day:
    Income: ₹150 (morning sales)
    Income: ₹100 (evening sales)
    Expense: ₹120 (paper cups)
    Expense: ₹90 (ribbon)
    What is the profit (in ₹)?
  10. 10.Arjun’s record for the day:
    Income: ₹240 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹60 (card paper)
    Expense: ₹160 (transport)
    What is the profit (in ₹)?
  11. 11.Joseph’s income was ₹260 and the profit was ₹10. One expense was ₹130 (paper cups). How much was the other expense, for stall fee (in ₹)?
  12. 12.Which of these is an expense (money out)? (a) tutoring fees received (b) buying paper cups (c) cash from selling plants (d) a card order paid
  13. 13.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
  14. 14.Zoya’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹210 (evening sales)
    Expense: ₹110 (stall fee)
    Expense: ₹140 (ribbon)
    What is the profit (in ₹)?
  15. 15.Aarav’s stall took in ₹210 on Friday, ₹350 on Saturday and ₹50 on Sunday. What was the total income (in ₹)?
  16. 16.Dev’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹250 (evening sales)
    Expense: ₹100 (transport)
    Expense: ₹180 (posters)
    What is the profit (in ₹)?
  17. 17.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
  18. 18.Saanvi’s record for the day:
    Income: ₹150 (morning sales)
    Income: ₹160 (evening sales)
    Expense: ₹40 (ribbon)
    Expense: ₹90 (stall fee)
    What is the profit (in ₹)?
  19. 19.Tara’s stall took in ₹180 on Friday, ₹50 on Saturday and ₹320 on Sunday. What was the total income (in ₹)?
  20. 20.📅 When is the best time to update your records? (a) once a year (b) never (c) the same day (d) whenever you like
  21. 21.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
  22. 22.➖ Profit in your records = (a) expenses − income (b) income − expenses (c) income + expenses (d) just the income
  23. 23.True or false: “money from sales” is income (money in). (a) True (b) False
  24. 24.Zoya’s record for the day:
    Income: ₹150 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹160 (sugar)
    Expense: ₹100 (stall fee)
    What is the profit (in ₹)?
  25. 25.Ishaan’s record for the day:
    Income: ₹100 (morning sales)
    Income: ₹470 (evening sales)
    Expense: ₹150 (card paper)
    Expense: ₹200 (ribbon)
    What is the profit (in ₹)?
  26. 26.Dev’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹220 (evening sales)
    Expense: ₹90 (sugar)
    Expense: ₹190 (transport)
    What is the profit (in ₹)?
  27. 27.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
  28. 28.True or false: “buying lemons” is an expense (money out). (a) True (b) False
  29. 29.True or false: “money from sales” is an expense (money out). (a) False (b) True
  30. 30.Ananya’s stall took in ₹190 on Friday, ₹310 on Saturday and ₹280 on Sunday. What was the total income (in ₹)?
  31. 31.📒 Income or expense: money from sales? (a) expense (b) income
  32. 32.Joseph’s income was ₹130 and the profit was ₹110. One expense was ₹10 (lemons). How much was the other expense, for transport (in ₹)?
  33. 33.Vihaan’s income was ₹450 and the profit was ₹400. One expense was ₹20 (paper cups). How much was the other expense, for stall fee (in ₹)?
  34. 34.Kavya’s income was ₹430 and the profit was ₹90. One expense was ₹150 (transport). How much was the other expense, for paper cups (in ₹)?
  35. 35.True or false: “payment for a cake order” is income (money in). (a) True (b) False
  36. 36.Joseph’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹70 (paper cups)
    Expense: ₹10 (sugar)
    How much is the loss (in ₹)?
  37. 37.Zoya’s income was ₹500 and the profit was ₹400. One expense was ₹30 (stall fee). How much was the other expense, for ribbon (in ₹)?
  38. 38.Which of these is an expense (money out)? (a) payment for a cake order (b) buying lemons (c) tutoring fees received (d) money from sales
  39. 39.Ishaan’s income was ₹310 and the profit was ₹280. One expense was ₹20 (posters). How much was the other expense, for lemons (in ₹)?
  40. 40.📒 Income or expense: paying the stall fee? (a) expense (b) income

Answer key

  1. False
  2. 90
  3. 40
  4. True
  5. False
  6. True
  7. income
  8. income
  9. 40
  10. 30
  11. 120
  12. buying paper cups
  13. True
  14. 90
  15. 610
  16. 20
  17. False
  18. 180
  19. 550
  20. the same day
  21. True
  22. income − expenses
  23. True
  24. 30
  25. 220
  26. 70
  27. False
  28. True
  29. False
  30. 780
  31. income
  32. 10
  33. 30
  34. 190
  35. True
  36. 30
  37. 70
  38. buying lemons
  39. 10
  40. expense

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