Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 699 · 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) no reason (c) to look busy (d) to know the real profit
2. 2.📒 Income or expense: bus fare to the market? (a) income (b) expense
3. 3.Vihaan’s record for the day:
   Income: ₹280 (morning sales)
   Income: ₹20 (evening sales)
   Expense: ₹130 (ribbon)
   Expense: ₹150 (transport)
   What is the profit (in ₹)?
4. 4.Saanvi’s stall took in ₹330 on Friday, ₹400 on Saturday and ₹110 on Sunday. What was the total income (in ₹)?
5. 5.📒 Income or expense: buying paper cups? (a) expense (b) income
6. 6.📅 When is the best time to update your records? (a) once a year (b) never (c) whenever you like (d) the same day
7. 7.➖ Profit in your records = (a) income − expenses (b) income + expenses (c) expenses − income (d) just the income
8. 8.Riya’s income was ₹300 and the profit was ₹40. One expense was ₹10 (ribbon). How much was the other expense, for paper cups (in ₹)?
9. 9.Riya’s income was ₹500 and the profit was ₹240. One expense was ₹10 (posters). How much was the other expense, for stall fee (in ₹)?
10. 10.Gurpreet’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹380 (sugar)
    Expense: ₹10 (lemons)
    How much is the loss (in ₹)?
11. 11.Which of these is an expense (money out)? (a) money from sales (b) cash from selling plants (c) tutoring fees received (d) printing posters
12. 12.Which of these is income (money in)? (a) paying the stall fee (b) printing posters (c) buying paper cups (d) tutoring fees received
13. 13.📒 Income or expense: buying lemons? (a) expense (b) income
14. 14.True or false: “money from sales” is income (money in). (a) False (b) True
15. 15.Which of these is an expense (money out)? (a) money from sales (b) buying lemons (c) tutoring fees received (d) cash from selling plants
16. 16.🧾 What should you keep after buying supplies? (a) a selfie (b) the bill or receipt (c) only the bag (d) nothing
17. 17.Lakshmi’s record for the day:
    Income: ₹300 (morning sales)
    Income: ₹210 (evening sales)
    Expense: ₹100 (stall fee)
    Expense: ₹170 (sugar)
    What is the profit (in ₹)?
18. 18.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
19. 19.True or false: “buying lemons” is income (money in). (a) False (b) True
20. 20.Ananya’s record for a rainy day:
    Income: ₹180 (sales)
    Expense: ₹190 (stall fee)
    Expense: ₹60 (ribbon)
    How much is the loss (in ₹)?
21. 21.Dev’s stall took in ₹390 on Friday, ₹110 on Saturday and ₹230 on Sunday. What was the total income (in ₹)?
22. 22.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
23. 23.📒 Income or expense: payment for a cake order? (a) expense (b) income
24. 24.Vihaan’s stall took in ₹280 on Friday, ₹120 on Saturday and ₹380 on Sunday. What was the total income (in ₹)?
25. 25.📒 Income or expense: tutoring fees received? (a) expense (b) income
26. 26.True or false: “paying the stall fee” is income (money in). (a) False (b) True
27. 27.Aarav’s stall took in ₹290 on Friday, ₹380 on Saturday and ₹200 on Sunday. What was the total income (in ₹)?
28. 28.Joseph’s stall took in ₹240 on Friday, ₹160 on Saturday and ₹270 on Sunday. What was the total income (in ₹)?
29. 29.Arjun’s record for a rainy day:
    Income: ₹260 (sales)
    Expense: ₹120 (posters)
    Expense: ₹190 (transport)
    How much is the loss (in ₹)?
30. 30.📒 Income or expense: a card order paid? (a) income (b) expense
31. 31.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
32. 32.True or false: “printing posters” is income (money in). (a) False (b) True
33. 33.Rohan’s record for a rainy day:
    Income: ₹300 (sales)
    Expense: ₹300 (paper cups)
    Expense: ₹90 (stall fee)
    How much is the loss (in ₹)?
34. 34.Meera’s income was ₹340 and the profit was ₹10. One expense was ₹210 (paper cups). How much was the other expense, for card paper (in ₹)?
35. 35.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
36. 36.Aarav’s record for the day:
    Income: ₹160 (morning sales)
    Income: ₹340 (evening sales)
    Expense: ₹50 (transport)
    Expense: ₹160 (ribbon)
    What is the profit (in ₹)?
37. 37.Gurpreet’s stall took in ₹390 on Friday, ₹130 on Saturday and ₹120 on Sunday. What was the total income (in ₹)?
38. 38.Farhan’s income was ₹160 and the profit was ₹40. One expense was ₹20 (card paper). How much was the other expense, for lemons (in ₹)?
39. 39.Vihaan’s income was ₹380 and the profit was ₹160. One expense was ₹60 (paper cups). How much was the other expense, for lemons (in ₹)?
40. 40.Kabir’s record for a rainy day:
    Income: ₹80 (sales)
    Expense: ₹30 (ribbon)
    Expense: ₹80 (stall fee)
    How much is the loss (in ₹)?

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