Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 716 · 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: “tutoring fees received” is income (money in). (a) False (b) True
2. 2.📒 Why write down every sale and cost? (a) to look busy (b) no reason (c) to fill a notebook (d) to know the real profit
3. 3.📒 Income or expense: payment for a cake order? (a) income (b) expense
4. 4.🧾 What should you keep after buying supplies? (a) only the bag (b) a selfie (c) the bill or receipt (d) nothing
5. 5.Zoya’s record for a rainy day:
   Income: ₹220 (sales)
   Expense: ₹120 (ribbon)
   Expense: ₹110 (transport)
   How much is the loss (in ₹)?
6. 6.Aarav’s record for a rainy day:
   Income: ₹50 (sales)
   Expense: ₹40 (sugar)
   Expense: ₹40 (posters)
   How much is the loss (in ₹)?
7. 7.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
8. 8.➖ Profit in your records = (a) income + expenses (b) income − expenses (c) expenses − income (d) just the income
9. 9.Rohan’s record for the day:
   Income: ₹80 (morning sales)
   Income: ₹240 (evening sales)
   Expense: ₹30 (stall fee)
   Expense: ₹150 (lemons)
   What is the profit (in ₹)?
10. 10.Which of these is an expense (money out)? (a) payment for a cake order (b) paying the stall fee (c) a card order paid (d) money from sales
11. 11.True or false: “printing posters” is income (money in). (a) False (b) True
12. 12.True or false: “buying lemons” is income (money in). (a) False (b) True
13. 13.Farhan’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹110 (sugar)
    Expense: ₹20 (posters)
    How much is the loss (in ₹)?
14. 14.📒 Income or expense: buying lemons? (a) income (b) expense
15. 15.Ananya’s stall took in ₹120 on Friday, ₹180 on Saturday and ₹210 on Sunday. What was the total income (in ₹)?
16. 16.Which of these is income (money in)? (a) payment for a cake order (b) buying lemons (c) bus fare to the market (d) paying the stall fee
17. 17.Kavya’s stall took in ₹50 on Friday, ₹390 on Saturday and ₹180 on Sunday. What was the total income (in ₹)?
18. 18.📒 Income or expense: cash from selling plants? (a) expense (b) income
19. 19.Which of these is an expense (money out)? (a) payment for a cake order (b) cash from selling plants (c) tutoring fees received (d) buying lemons
20. 20.Which of these is an expense (money out)? (a) cash from selling plants (b) payment for a cake order (c) buying paper cups (d) tutoring fees received
21. 21.Nisha’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹220 (transport)
    Expense: ₹120 (lemons)
    How much is the loss (in ₹)?
22. 22.📒 Income or expense: a card order paid? (a) income (b) expense
23. 23.True or false: “money from sales” is income (money in). (a) False (b) True
24. 24.Which of these is income (money in)? (a) buying paper cups (b) paying the stall fee (c) buying lemons (d) money from sales
25. 25.Zoya’s record for a rainy day:
    Income: ₹80 (sales)
    Expense: ₹30 (sugar)
    Expense: ₹130 (stall fee)
    How much is the loss (in ₹)?
26. 26.📒 Income or expense: money from sales? (a) expense (b) income
27. 27.Rohan’s record for the day:
    Income: ₹410 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹150 (posters)
    Expense: ₹20 (stall fee)
    What is the profit (in ₹)?
28. 28.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
29. 29.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
30. 30.📒 Income or expense: bus fare to the market? (a) income (b) expense
31. 31.📒 Income or expense: buying paper cups? (a) expense (b) income
32. 32.Gurpreet’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹320 (evening sales)
    Expense: ₹130 (card paper)
    Expense: ₹160 (lemons)
    What is the profit (in ₹)?
33. 33.📒 Income or expense: printing posters? (a) expense (b) income
34. 34.Saanvi’s stall took in ₹270 on Friday, ₹250 on Saturday and ₹390 on Sunday. What was the total income (in ₹)?
35. 35.Ananya’s record for a rainy day:
    Income: ₹100 (sales)
    Expense: ₹100 (stall fee)
    Expense: ₹80 (sugar)
    How much is the loss (in ₹)?
36. 36.Kabir’s income was ₹200 and the profit was ₹60. One expense was ₹60 (transport). How much was the other expense, for paper cups (in ₹)?
37. 37.Diya’s income was ₹100 and the profit was ₹60. One expense was ₹10 (lemons). How much was the other expense, for paper cups (in ₹)?
38. 38.📅 When is the best time to update your records? (a) the same day (b) once a year (c) whenever you like (d) never
39. 39.Joseph’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹230 (evening sales)
    Expense: ₹100 (ribbon)
    Expense: ₹190 (transport)
    What is the profit (in ₹)?
40. 40.📒 Income or expense: paying the stall fee? (a) income (b) expense

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