Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 757 · 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: money from sales? (a) expense (b) income
2. 2.📒 Income or expense: buying paper cups? (a) expense (b) income
3. 3.Aarav’s record for the day:
   Income: ₹10 (morning sales)
   Income: ₹230 (evening sales)
   Expense: ₹50 (sugar)
   Expense: ₹180 (posters)
   What is the profit (in ₹)?
4. 4.📒 Income or expense: payment for a cake order? (a) income (b) expense
5. 5.True or false: “paying the stall fee” is income (money in). (a) True (b) False
6. 6.📒 Income or expense: cash from selling plants? (a) income (b) expense
7. 7.📅 When is the best time to update your records? (a) the same day (b) never (c) once a year (d) whenever you like
8. 8.True or false: “tutoring fees received” is income (money in). (a) False (b) True
9. 9.Farhan’s record for a rainy day:
   Income: ₹180 (sales)
   Expense: ₹20 (sugar)
   Expense: ₹230 (transport)
   How much is the loss (in ₹)?
10. 10.Kavya’s record for the day:
    Income: ₹10 (morning sales)
    Income: ₹150 (evening sales)
    Expense: ₹70 (ribbon)
    Expense: ₹50 (lemons)
    What is the profit (in ₹)?
11. 11.Rohan’s record for a rainy day:
    Income: ₹140 (sales)
    Expense: ₹120 (paper cups)
    Expense: ₹90 (posters)
    How much is the loss (in ₹)?
12. 12.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
13. 13.True or false: “printing posters” is income (money in). (a) True (b) False
14. 14.Kabir’s stall took in ₹300 on Friday, ₹360 on Saturday and ₹110 on Sunday. What was the total income (in ₹)?
15. 15.Which of these is income (money in)? (a) buying lemons (b) paying the stall fee (c) bus fare to the market (d) tutoring fees received
16. 16.Aarav’s stall took in ₹140 on Friday, ₹110 on Saturday and ₹160 on Sunday. What was the total income (in ₹)?
17. 17.True or false: “money from sales” is income (money in). (a) False (b) True
18. 18.Vihaan’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹140 (ribbon)
    Expense: ₹70 (card paper)
    How much is the loss (in ₹)?
19. 19.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
20. 20.Nisha’s record for the day:
    Income: ₹160 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹150 (paper cups)
    Expense: ₹100 (posters)
    What is the profit (in ₹)?
21. 21.Rohan’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹130 (posters)
    Expense: ₹190 (paper cups)
    How much is the loss (in ₹)?
22. 22.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
23. 23.Gurpreet’s stall took in ₹110 on Friday, ₹230 on Saturday and ₹80 on Sunday. What was the total income (in ₹)?
24. 24.🧾 What should you keep after buying supplies? (a) a selfie (b) nothing (c) the bill or receipt (d) only the bag
25. 25.➖ Profit in your records = (a) just the income (b) income − expenses (c) income + expenses (d) expenses − income
26. 26.📒 Why write down every sale and cost? (a) to fill a notebook (b) to look busy (c) to know the real profit (d) no reason
27. 27.📒 Income or expense: tutoring fees received? (a) expense (b) income
28. 28.Gurpreet’s stall took in ₹80 on Friday, ₹120 on Saturday and ₹270 on Sunday. What was the total income (in ₹)?
29. 29.True or false: “buying lemons” is an expense (money out). (a) True (b) False
30. 30.Lakshmi’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹160 (ribbon)
    Expense: ₹110 (posters)
    How much is the loss (in ₹)?
31. 31.Gurpreet’s record for a rainy day:
    Income: ₹160 (sales)
    Expense: ₹60 (lemons)
    Expense: ₹130 (sugar)
    How much is the loss (in ₹)?
32. 32.Ananya’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹70 (posters)
    Expense: ₹60 (ribbon)
    What is the profit (in ₹)?
33. 33.Which of these is income (money in)? (a) printing posters (b) buying lemons (c) paying the stall fee (d) payment for a cake order
34. 34.True or false: “money from sales” is an expense (money out). (a) True (b) False
35. 35.Which of these is an expense (money out)? (a) cash from selling plants (b) tutoring fees received (c) buying lemons (d) money from sales
36. 36.Rohan’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹50 (evening sales)
    Expense: ₹30 (ribbon)
    Expense: ₹60 (stall fee)
    What is the profit (in ₹)?
37. 37.Riya’s record for the day:
    Income: ₹240 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹20 (card paper)
    Expense: ₹170 (paper cups)
    What is the profit (in ₹)?
38. 38.📒 Income or expense: buying lemons? (a) expense (b) income
39. 39.Lakshmi’s income was ₹500 and the profit was ₹460. One expense was ₹30 (ribbon). How much was the other expense, for stall fee (in ₹)?
40. 40.True or false: “cash from selling plants” is income (money in). (a) False (b) True

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