Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 743 · 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 an expense (money out)? (a) money from sales (b) payment for a cake order (c) paying the stall fee (d) a card order paid
2. 2.📒 Income or expense: buying lemons? (a) income (b) expense
3. 3.Lakshmi’s record for a rainy day:
   Income: ₹190 (sales)
   Expense: ₹40 (posters)
   Expense: ₹210 (transport)
   How much is the loss (in ₹)?
4. 4.📒 Income or expense: buying paper cups? (a) expense (b) income
5. 5.Meera’s record for a rainy day:
   Income: ₹90 (sales)
   Expense: ₹150 (card paper)
   Expense: ₹20 (paper cups)
   How much is the loss (in ₹)?
6. 6.📒 Why write down every sale and cost? (a) to look busy (b) to fill a notebook (c) no reason (d) to know the real profit
7. 7.Ishaan’s stall took in ₹350 on Friday, ₹270 on Saturday and ₹160 on Sunday. What was the total income (in ₹)?
8. 8.Which of these is income (money in)? (a) money from sales (b) buying paper cups (c) paying the stall fee (d) bus fare to the market
9. 9.Joseph’s income was ₹110 and the profit was ₹30. One expense was ₹40 (card paper). How much was the other expense, for paper cups (in ₹)?
10. 10.📒 Income or expense: bus fare to the market? (a) income (b) expense
11. 11.Ananya’s record for a rainy day:
    Income: ₹230 (sales)
    Expense: ₹220 (ribbon)
    Expense: ₹20 (lemons)
    How much is the loss (in ₹)?
12. 12.Saanvi’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹20 (stall fee)
    Expense: ₹280 (sugar)
    How much is the loss (in ₹)?
13. 13.Which of these is income (money in)? (a) paying the stall fee (b) printing posters (c) cash from selling plants (d) buying paper cups
14. 14.Which of these is an expense (money out)? (a) cash from selling plants (b) money from sales (c) bus fare to the market (d) tutoring fees received
15. 15.📒 Income or expense: tutoring fees received? (a) expense (b) income
16. 16.Kavya’s income was ₹480 and the profit was ₹20. One expense was ₹260 (stall fee). How much was the other expense, for card paper (in ₹)?
17. 17.True or false: “a card order paid” is an expense (money out). (a) True (b) False
18. 18.Kabir’s stall took in ₹90 on Friday, ₹190 on Saturday and ₹220 on Sunday. What was the total income (in ₹)?
19. 19.True or false: “paying the stall fee” is income (money in). (a) True (b) False
20. 20.True or false: “tutoring fees received” is income (money in). (a) False (b) True
21. 21.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) a selfie (c) nothing (d) only the bag
22. 22.Aarav’s stall took in ₹50 on Friday, ₹120 on Saturday and ₹240 on Sunday. What was the total income (in ₹)?
23. 23.Kavya’s stall took in ₹240 on Friday, ₹160 on Saturday and ₹70 on Sunday. What was the total income (in ₹)?
24. 24.Which of these is income (money in)? (a) tutoring fees received (b) buying paper cups (c) buying lemons (d) paying the stall fee
25. 25.Ishaan’s income was ₹220 and the profit was ₹200. One expense was ₹10 (paper cups). How much was the other expense, for sugar (in ₹)?
26. 26.Nisha’s income was ₹380 and the profit was ₹90. One expense was ₹190 (card paper). How much was the other expense, for lemons (in ₹)?
27. 27.📅 When is the best time to update your records? (a) never (b) the same day (c) whenever you like (d) once a year
28. 28.True or false: “a card order paid” is income (money in). (a) True (b) False
29. 29.📒 Income or expense: cash from selling plants? (a) expense (b) income
30. 30.Tara’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹250 (evening sales)
    Expense: ₹110 (posters)
    Expense: ₹70 (paper cups)
    What is the profit (in ₹)?
31. 31.Gurpreet’s record for a rainy day:
    Income: ₹160 (sales)
    Expense: ₹80 (stall fee)
    Expense: ₹180 (ribbon)
    How much is the loss (in ₹)?
32. 32.➖ Profit in your records = (a) expenses − income (b) income + expenses (c) income − expenses (d) just the income
33. 33.True or false: “cash from selling plants” is income (money in). (a) True (b) False
34. 34.Diya’s income was ₹260 and the profit was ₹110. One expense was ₹140 (card paper). How much was the other expense, for stall fee (in ₹)?
35. 35.Lakshmi’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹190 (evening sales)
    Expense: ₹40 (card paper)
    Expense: ₹100 (transport)
    What is the profit (in ₹)?
36. 36.📒 Income or expense: payment for a cake order? (a) income (b) expense
37. 37.Which of these is income (money in)? (a) buying paper cups (b) payment for a cake order (c) bus fare to the market (d) paying the stall fee
38. 38.📒 Income or expense: paying the stall fee? (a) income (b) expense
39. 39.True or false: “buying paper cups” is income (money in). (a) True (b) False
40. 40.Saanvi’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹220 (sugar)
    Expense: ₹90 (stall fee)
    How much is the loss (in ₹)?

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