Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 771 · 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: “buying lemons” is an expense (money out). (a) False (b) True
2. 2.True or false: “bus fare to the market” is income (money in). (a) True (b) False
3. 3.📒 Income or expense: money from sales? (a) expense (b) income
4. 4.Rohan’s record for a rainy day:
   Income: ₹110 (sales)
   Expense: ₹20 (card paper)
   Expense: ₹120 (paper cups)
   How much is the loss (in ₹)?
5. 5.Tara’s record for a rainy day:
   Income: ₹60 (sales)
   Expense: ₹100 (ribbon)
   Expense: ₹20 (stall fee)
   How much is the loss (in ₹)?
6. 6.Kabir’s record for a rainy day:
   Income: ₹140 (sales)
   Expense: ₹140 (paper cups)
   Expense: ₹20 (sugar)
   How much is the loss (in ₹)?
7. 7.📒 Income or expense: tutoring fees received? (a) expense (b) income
8. 8.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
9. 9.➖ Profit in your records = (a) income + expenses (b) income − expenses (c) expenses − income (d) just the income
10. 10.True or false: “cash from selling plants” is income (money in). (a) True (b) False
11. 11.Rohan’s record for the day:
    Income: ₹400 (morning sales)
    Income: ₹80 (evening sales)
    Expense: ₹150 (posters)
    Expense: ₹70 (transport)
    What is the profit (in ₹)?
12. 12.Lakshmi’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹10 (card paper)
    Expense: ₹340 (lemons)
    How much is the loss (in ₹)?
13. 13.📅 When is the best time to update your records? (a) the same day (b) once a year (c) never (d) whenever you like
14. 14.True or false: “money from sales” is an expense (money out). (a) True (b) False
15. 15.Farhan’s income was ₹410 and the profit was ₹330. One expense was ₹10 (stall fee). How much was the other expense, for posters (in ₹)?
16. 16.Which of these is an expense (money out)? (a) printing posters (b) a card order paid (c) tutoring fees received (d) money from sales
17. 17.Nisha’s income was ₹130 and the profit was ₹50. One expense was ₹70 (posters). How much was the other expense, for lemons (in ₹)?
18. 18.Dev’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹20 (ribbon)
    Expense: ₹110 (card paper)
    How much is the loss (in ₹)?
19. 19.Which of these is income (money in)? (a) buying lemons (b) printing posters (c) a card order paid (d) paying the stall fee
20. 20.True or false: “buying paper cups” is income (money in). (a) True (b) False
21. 21.📒 Income or expense: buying paper cups? (a) income (b) expense
22. 22.Which of these is an expense (money out)? (a) payment for a cake order (b) money from sales (c) buying paper cups (d) cash from selling plants
23. 23.Kavya’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹80 (sugar)
    Expense: ₹140 (transport)
    How much is the loss (in ₹)?
24. 24.Which of these is an expense (money out)? (a) a card order paid (b) tutoring fees received (c) buying lemons (d) cash from selling plants
25. 25.True or false: “payment for a cake order” is income (money in). (a) False (b) True
26. 26.Which of these is income (money in)? (a) paying the stall fee (b) bus fare to the market (c) money from sales (d) buying lemons
27. 27.Joseph’s stall took in ₹180 on Friday, ₹320 on Saturday and ₹290 on Sunday. What was the total income (in ₹)?
28. 28.🧾 What should you keep after buying supplies? (a) nothing (b) only the bag (c) the bill or receipt (d) a selfie
29. 29.Aarav’s record for the day:
    Income: ₹60 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹40 (posters)
    Expense: ₹40 (paper cups)
    What is the profit (in ₹)?
30. 30.Vihaan’s income was ₹420 and the profit was ₹180. One expense was ₹20 (transport). How much was the other expense, for posters (in ₹)?
31. 31.Diya’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹110 (paper cups)
    Expense: ₹210 (sugar)
    How much is the loss (in ₹)?
32. 32.Vihaan’s record for the day:
    Income: ₹60 (morning sales)
    Income: ₹400 (evening sales)
    Expense: ₹150 (lemons)
    Expense: ₹60 (stall fee)
    What is the profit (in ₹)?
33. 33.Tara’s income was ₹330 and the profit was ₹130. One expense was ₹10 (card paper). How much was the other expense, for lemons (in ₹)?
34. 34.📒 Income or expense: payment for a cake order? (a) expense (b) income
35. 35.Arjun’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹350 (evening sales)
    Expense: ₹50 (transport)
    Expense: ₹70 (paper cups)
    What is the profit (in ₹)?
36. 36.Arjun’s stall took in ₹260 on Friday, ₹110 on Saturday and ₹80 on Sunday. What was the total income (in ₹)?
37. 37.📒 Why write down every sale and cost? (a) no reason (b) to fill a notebook (c) to know the real profit (d) to look busy
38. 38.Kabir’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹170 (evening sales)
    Expense: ₹70 (stall fee)
    Expense: ₹80 (transport)
    What is the profit (in ₹)?
39. 39.Dev’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹360 (evening sales)
    Expense: ₹110 (ribbon)
    Expense: ₹150 (posters)
    What is the profit (in ₹)?
40. 40.True or false: “printing posters” is income (money in). (a) False (b) True

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