Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 740 · 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.Which of these is income (money in)? (a) printing posters (b) buying paper cups (c) paying the stall fee (d) cash from selling plants
2. 2.Which of these is income (money in)? (a) bus fare to the market (b) buying lemons (c) tutoring fees received (d) paying the stall fee
3. 3.Which of these is an expense (money out)? (a) cash from selling plants (b) bus fare to the market (c) a card order paid (d) payment for a cake order
4. 4.True or false: “paying the stall fee” is income (money in). (a) False (b) True
5. 5.Nisha’s income was ₹340 and the profit was ₹60. One expense was ₹150 (lemons). How much was the other expense, for sugar (in ₹)?
6. 6.Aarav’s income was ₹130 and the profit was ₹60. One expense was ₹20 (transport). How much was the other expense, for sugar (in ₹)?
7. 7.📒 Income or expense: a card order paid? (a) income (b) expense
8. 8.📒 Income or expense: buying lemons? (a) expense (b) income
9. 9.Ishaan’s record for a rainy day:
   Income: ₹190 (sales)
   Expense: ₹190 (transport)
   Expense: ₹50 (lemons)
   How much is the loss (in ₹)?
10. 10.Which of these is an expense (money out)? (a) tutoring fees received (b) cash from selling plants (c) money from sales (d) buying lemons
11. 11.Zoya’s stall took in ₹90 on Friday, ₹80 on Saturday and ₹240 on Sunday. What was the total income (in ₹)?
12. 12.📒 Income or expense: bus fare to the market? (a) expense (b) income
13. 13.Farhan’s stall took in ₹210 on Friday, ₹340 on Saturday and ₹180 on Sunday. What was the total income (in ₹)?
14. 14.Ananya’s record for the day:
    Income: ₹340 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹110 (transport)
    Expense: ₹70 (stall fee)
    What is the profit (in ₹)?
15. 15.📒 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
16. 16.Which of these is an expense (money out)? (a) cash from selling plants (b) payment for a cake order (c) paying the stall fee (d) tutoring fees received
17. 17.📒 Income or expense: printing posters? (a) income (b) expense
18. 18.Meera’s stall took in ₹280 on Friday, ₹100 on Saturday and ₹50 on Sunday. What was the total income (in ₹)?
19. 19.Gurpreet’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹360 (evening sales)
    Expense: ₹200 (posters)
    Expense: ₹120 (ribbon)
    What is the profit (in ₹)?
20. 20.Riya’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹10 (paper cups)
    Expense: ₹260 (card paper)
    How much is the loss (in ₹)?
21. 21.True or false: “buying paper cups” is income (money in). (a) True (b) False
22. 22.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) nothing (c) only the bag (d) a selfie
23. 23.📅 When is the best time to update your records? (a) never (b) the same day (c) whenever you like (d) once a year
24. 24.📒 Income or expense: paying the stall fee? (a) income (b) expense
25. 25.Kavya’s income was ₹270 and the profit was ₹60. One expense was ₹60 (transport). How much was the other expense, for stall fee (in ₹)?
26. 26.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
27. 27.Riya’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹20 (ribbon)
    Expense: ₹60 (sugar)
    How much is the loss (in ₹)?
28. 28.True or false: “money from sales” is an expense (money out). (a) True (b) False
29. 29.Ananya’s record for a rainy day:
    Income: ₹180 (sales)
    Expense: ₹110 (ribbon)
    Expense: ₹100 (transport)
    How much is the loss (in ₹)?
30. 30.True or false: “payment for a cake order” is income (money in). (a) False (b) True
31. 31.Rohan’s income was ₹160 and the profit was ₹50. One expense was ₹90 (paper cups). How much was the other expense, for stall fee (in ₹)?
32. 32.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
33. 33.📒 Income or expense: payment for a cake order? (a) income (b) expense
34. 34.Rohan’s stall took in ₹50 on Friday, ₹220 on Saturday and ₹330 on Sunday. What was the total income (in ₹)?
35. 35.True or false: “bus fare to the market” is income (money in). (a) True (b) False
36. 36.Diya’s record for the day:
    Income: ₹160 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹50 (stall fee)
    Expense: ₹80 (sugar)
    What is the profit (in ₹)?
37. 37.Ananya’s stall took in ₹350 on Friday, ₹290 on Saturday and ₹390 on Sunday. What was the total income (in ₹)?
38. 38.📒 Income or expense: cash from selling plants? (a) expense (b) income
39. 39.Kabir’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹10 (card paper)
    Expense: ₹100 (lemons)
    How much is the loss (in ₹)?
40. 40.➖ Profit in your records = (a) income + expenses (b) just the income (c) income − expenses (d) expenses − income

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