Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 71 · 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.📒 Income or expense: buying lemons? (a) income (b) expense
2. 2.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
3. 3.Aarav’s record for the day:
   Income: ₹50 (morning sales)
   Income: ₹380 (evening sales)
   Expense: ₹60 (sugar)
   Expense: ₹200 (ribbon)
   What is the profit (in ₹)?
4. 4.📒 Income or expense: cash from selling plants? (a) income (b) expense
5. 5.📒 Why write down every sale and cost? (a) to look busy (b) to know the real profit (c) to fill a notebook (d) no reason
6. 6.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
7. 7.Rohan’s stall took in ₹110 on Friday, ₹80 on Saturday and ₹160 on Sunday. What was the total income (in ₹)?
8. 8.Which of these is income (money in)? (a) cash from selling plants (b) buying paper cups (c) paying the stall fee (d) buying lemons
9. 9.📒 Income or expense: a card order paid? (a) income (b) expense
10. 10.Ishaan’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹110 (sugar)
    Expense: ₹70 (paper cups)
    How much is the loss (in ₹)?
11. 11.Nisha’s income was ₹230 and the profit was ₹160. One expense was ₹30 (stall fee). How much was the other expense, for ribbon (in ₹)?
12. 12.Tara’s record for a rainy day:
    Income: ₹260 (sales)
    Expense: ₹110 (paper cups)
    Expense: ₹170 (lemons)
    How much is the loss (in ₹)?
13. 13.True or false: “money from sales” is income (money in). (a) True (b) False
14. 14.Vihaan’s income was ₹320 and the profit was ₹240. One expense was ₹60 (posters). How much was the other expense, for stall fee (in ₹)?
15. 15.Kavya’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹70 (card paper)
    Expense: ₹60 (sugar)
    How much is the loss (in ₹)?
16. 16.📒 Income or expense: bus fare to the market? (a) expense (b) income
17. 17.True or false: “printing posters” is income (money in). (a) False (b) True
18. 18.📒 Income or expense: printing posters? (a) income (b) expense
19. 19.Diya’s income was ₹120 and the profit was ₹90. One expense was ₹20 (lemons). How much was the other expense, for posters (in ₹)?
20. 20.Which of these is income (money in)? (a) buying paper cups (b) payment for a cake order (c) bus fare to the market (d) buying lemons
21. 21.True or false: “buying lemons” is an expense (money out). (a) True (b) False
22. 22.Kavya’s record for a rainy day:
    Income: ₹210 (sales)
    Expense: ₹150 (sugar)
    Expense: ₹70 (lemons)
    How much is the loss (in ₹)?
23. 23.Which of these is an expense (money out)? (a) a card order paid (b) tutoring fees received (c) buying paper cups (d) payment for a cake order
24. 24.Which of these is an expense (money out)? (a) a card order paid (b) money from sales (c) printing posters (d) tutoring fees received
25. 25.Gurpreet’s income was ₹220 and the profit was ₹20. One expense was ₹130 (card paper). How much was the other expense, for paper cups (in ₹)?
26. 26.📒 Income or expense: money from sales? (a) income (b) expense
27. 27.Ishaan’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹180 (evening sales)
    Expense: ₹40 (lemons)
    Expense: ₹150 (posters)
    What is the profit (in ₹)?
28. 28.Aarav’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹340 (evening sales)
    Expense: ₹110 (paper cups)
    Expense: ₹80 (stall fee)
    What is the profit (in ₹)?
29. 29.True or false: “tutoring fees received” is income (money in). (a) True (b) False
30. 30.Which of these is income (money in)? (a) printing posters (b) buying lemons (c) tutoring fees received (d) bus fare to the market
31. 31.True or false: “payment for a cake order” is income (money in). (a) False (b) True
32. 32.Lakshmi’s income was ₹110 and the profit was ₹30. One expense was ₹10 (sugar). How much was the other expense, for card paper (in ₹)?
33. 33.Which of these is income (money in)? (a) buying paper cups (b) printing posters (c) money from sales (d) buying lemons
34. 34.True or false: “a card order paid” is an expense (money out). (a) False (b) True
35. 35.Arjun’s income was ₹470 and the profit was ₹70. One expense was ₹250 (posters). How much was the other expense, for sugar (in ₹)?
36. 36.📒 Income or expense: buying paper cups? (a) income (b) expense
37. 37.📒 Income or expense: payment for a cake order? (a) expense (b) income
38. 38.True or false: “buying lemons” is income (money in). (a) False (b) True
39. 39.Gurpreet’s record for the day:
    Income: ₹110 (morning sales)
    Income: ₹250 (evening sales)
    Expense: ₹110 (paper cups)
    Expense: ₹120 (transport)
    What is the profit (in ₹)?
40. 40.📅 When is the best time to update your records? (a) never (b) once a year (c) whenever you like (d) the same day

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