Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 723 · 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.📅 When is the best time to update your records? (a) once a year (b) the same day (c) whenever you like (d) never
2. 2.True or false: “bus fare to the market” is income (money in). (a) False (b) True
3. 3.Which of these is income (money in)? (a) bus fare to the market (b) cash from selling plants (c) paying the stall fee (d) printing posters
4. 4.➖ Profit in your records = (a) income + expenses (b) income − expenses (c) expenses − income (d) just the income
5. 5.Nisha’s record for the day:
   Income: ₹330 (morning sales)
   Income: ₹200 (evening sales)
   Expense: ₹200 (posters)
   Expense: ₹170 (lemons)
   What is the profit (in ₹)?
6. 6.Nisha’s stall took in ₹110 on Friday, ₹100 on Saturday and ₹120 on Sunday. What was the total income (in ₹)?
7. 7.📒 Income or expense: buying lemons? (a) income (b) expense
8. 8.Gurpreet’s stall took in ₹290 on Friday, ₹80 on Saturday and ₹220 on Sunday. What was the total income (in ₹)?
9. 9.True or false: “a card order paid” is income (money in). (a) False (b) True
10. 10.Which of these is income (money in)? (a) buying lemons (b) buying paper cups (c) paying the stall fee (d) payment for a cake order
11. 11.Farhan’s income was ₹150 and the profit was ₹10. One expense was ₹30 (ribbon). How much was the other expense, for lemons (in ₹)?
12. 12.📒 Income or expense: paying the stall fee? (a) income (b) expense
13. 13.Ananya’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹220 (paper cups)
    Expense: ₹10 (ribbon)
    How much is the loss (in ₹)?
14. 14.True or false: “money from sales” is an expense (money out). (a) True (b) False
15. 15.Diya’s income was ₹440 and the profit was ₹420. One expense was ₹10 (lemons). How much was the other expense, for paper cups (in ₹)?
16. 16.Riya’s stall took in ₹330 on Friday, ₹150 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?
17. 17.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
18. 18.Aarav’s income was ₹260 and the profit was ₹60. One expense was ₹160 (lemons). How much was the other expense, for transport (in ₹)?
19. 19.📒 Income or expense: bus fare to the market? (a) expense (b) income
20. 20.Kabir’s stall took in ₹290 on Friday, ₹160 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
21. 21.Saanvi’s stall took in ₹360 on Friday, ₹130 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
22. 22.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) a selfie (c) nothing (d) only the bag
23. 23.📒 Income or expense: printing posters? (a) expense (b) income
24. 24.Ananya’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹290 (evening sales)
    Expense: ₹40 (transport)
    Expense: ₹30 (ribbon)
    What is the profit (in ₹)?
25. 25.Aarav’s record for the day:
    Income: ₹360 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹60 (transport)
    Expense: ₹120 (ribbon)
    What is the profit (in ₹)?
26. 26.Farhan’s income was ₹430 and the profit was ₹100. One expense was ₹110 (lemons). How much was the other expense, for transport (in ₹)?
27. 27.📒 Why write down every sale and cost? (a) no reason (b) to look busy (c) to know the real profit (d) to fill a notebook
28. 28.Which of these is an expense (money out)? (a) cash from selling plants (b) tutoring fees received (c) printing posters (d) money from sales
29. 29.Gurpreet’s income was ₹450 and the profit was ₹100. One expense was ₹50 (lemons). How much was the other expense, for transport (in ₹)?
30. 30.Zoya’s stall took in ₹230 on Friday, ₹130 on Saturday and ₹120 on Sunday. What was the total income (in ₹)?
31. 31.True or false: “buying paper cups” is an expense (money out). (a) True (b) False
32. 32.📒 Income or expense: tutoring fees received? (a) income (b) expense
33. 33.Aarav’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹130 (stall fee)
    Expense: ₹60 (lemons)
    What is the profit (in ₹)?
34. 34.True or false: “tutoring fees received” is income (money in). (a) True (b) False
35. 35.True or false: “a card order paid” is an expense (money out). (a) False (b) True
36. 36.Saanvi’s stall took in ₹290 on Friday, ₹220 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
37. 37.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
38. 38.Gurpreet’s record for the day:
    Income: ₹580 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹150 (sugar)
    Expense: ₹180 (paper cups)
    What is the profit (in ₹)?
39. 39.Kavya’s income was ₹210 and the profit was ₹40. One expense was ₹80 (transport). How much was the other expense, for paper cups (in ₹)?
40. 40.Diya’s record for the day:
    Income: ₹300 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹110 (ribbon)
    Expense: ₹80 (posters)
    What is the profit (in ₹)?

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