Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 700 · 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.True or false: “money from sales” is income (money in). (a) False (b) True
2. 2.True or false: “tutoring fees received” is income (money in). (a) True (b) False
3. 3.Vihaan’s income was ₹440 and the profit was ₹10. One expense was ₹10 (lemons). How much was the other expense, for paper cups (in ₹)?
4. 4.Diya’s record for the day:
   Income: ₹300 (morning sales)
   Income: ₹220 (evening sales)
   Expense: ₹190 (card paper)
   Expense: ₹170 (lemons)
   What is the profit (in ₹)?
5. 5.True or false: “a card order paid” is an expense (money out). (a) True (b) False
6. 6.📒 Income or expense: money from sales? (a) income (b) expense
7. 7.Which of these is income (money in)? (a) bus fare to the market (b) buying paper cups (c) money from sales (d) paying the stall fee
8. 8.📒 Income or expense: payment for a cake order? (a) expense (b) income
9. 9.➖ Profit in your records = (a) just the income (b) income + expenses (c) income − expenses (d) expenses − income
10. 10.Riya’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹50 (stall fee)
    Expense: ₹80 (transport)
    What is the profit (in ₹)?
11. 11.Aarav’s record for the day:
    Income: ₹440 (morning sales)
    Income: ₹80 (evening sales)
    Expense: ₹180 (card paper)
    Expense: ₹80 (paper cups)
    What is the profit (in ₹)?
12. 12.Zoya’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹50 (posters)
    Expense: ₹180 (lemons)
    How much is the loss (in ₹)?
13. 13.Arjun’s record for the day:
    Income: ₹270 (morning sales)
    Income: ₹150 (evening sales)
    Expense: ₹200 (sugar)
    Expense: ₹150 (paper cups)
    What is the profit (in ₹)?
14. 14.True or false: “paying the stall fee” is an expense (money out). (a) False (b) True
15. 15.Ishaan’s income was ₹490 and the profit was ₹170. One expense was ₹140 (sugar). How much was the other expense, for lemons (in ₹)?
16. 16.Meera’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹70 (lemons)
    Expense: ₹40 (stall fee)
    How much is the loss (in ₹)?
17. 17.Vihaan’s stall took in ₹120 on Friday, ₹340 on Saturday and ₹340 on Sunday. What was the total income (in ₹)?
18. 18.📒 Income or expense: buying paper cups? (a) income (b) expense
19. 19.Zoya’s income was ₹410 and the profit was ₹360. One expense was ₹10 (transport). How much was the other expense, for posters (in ₹)?
20. 20.Which of these is an expense (money out)? (a) paying the stall fee (b) tutoring fees received (c) cash from selling plants (d) a card order paid
21. 21.Which of these is income (money in)? (a) bus fare to the market (b) a card order paid (c) paying the stall fee (d) printing posters
22. 22.True or false: “money from sales” is an expense (money out). (a) True (b) False
23. 23.True or false: “buying lemons” is an expense (money out). (a) True (b) False
24. 24.📒 Income or expense: printing posters? (a) expense (b) income
25. 25.Dev’s record for the day:
    Income: ₹280 (morning sales)
    Income: ₹240 (evening sales)
    Expense: ₹140 (card paper)
    Expense: ₹80 (posters)
    What is the profit (in ₹)?
26. 26.True or false: “cash from selling plants” is income (money in). (a) False (b) True
27. 27.Arjun’s income was ₹110 and the profit was ₹50. One expense was ₹30 (lemons). How much was the other expense, for card paper (in ₹)?
28. 28.📒 Income or expense: a card order paid? (a) income (b) expense
29. 29.True or false: “printing posters” is an expense (money out). (a) False (b) True
30. 30.Arjun’s record for the day:
    Income: ₹140 (morning sales)
    Income: ₹340 (evening sales)
    Expense: ₹130 (card paper)
    Expense: ₹110 (ribbon)
    What is the profit (in ₹)?
31. 31.Saanvi’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹430 (evening sales)
    Expense: ₹170 (transport)
    Expense: ₹170 (sugar)
    What is the profit (in ₹)?
32. 32.Which of these is an expense (money out)? (a) money from sales (b) a card order paid (c) printing posters (d) tutoring fees received
33. 33.📒 Income or expense: buying lemons? (a) income (b) expense
34. 34.True or false: “payment for a cake order” is income (money in). (a) False (b) True
35. 35.Vihaan’s income was ₹260 and the profit was ₹40. One expense was ₹190 (paper cups). 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.Vihaan’s stall took in ₹120 on Friday, ₹360 on Saturday and ₹220 on Sunday. What was the total income (in ₹)?
38. 38.Kabir’s income was ₹260 and the profit was ₹160. One expense was ₹90 (lemons). How much was the other expense, for posters (in ₹)?
39. 39.📅 When is the best time to update your records? (a) once a year (b) never (c) the same day (d) whenever you like
40. 40.📒 Why write down every sale and cost? (a) to fill a notebook (b) to look busy (c) no reason (d) to know the real profit

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