Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 85 · 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) whenever you like (b) once a year (c) never (d) the same day
2. 2.🧾 What should you keep after buying supplies? (a) a selfie (b) nothing (c) the bill or receipt (d) only the bag
3. 3.Joseph’s record for the day:
   Income: ₹90 (morning sales)
   Income: ₹100 (evening sales)
   Expense: ₹100 (stall fee)
   Expense: ₹60 (lemons)
   What is the profit (in ₹)?
4. 4.Kavya’s record for the day:
   Income: ₹260 (morning sales)
   Income: ₹100 (evening sales)
   Expense: ₹140 (card paper)
   Expense: ₹70 (ribbon)
   What is the profit (in ₹)?
5. 5.Which of these is income (money in)? (a) paying the stall fee (b) buying lemons (c) buying paper cups (d) cash from selling plants
6. 6.True or false: “buying lemons” is income (money in). (a) True (b) False
7. 7.Which of these is income (money in)? (a) a card order paid (b) buying paper cups (c) paying the stall fee (d) buying lemons
8. 8.True or false: “money from sales” is an expense (money out). (a) False (b) True
9. 9.Aarav’s record for the day:
   Income: ₹370 (morning sales)
   Income: ₹230 (evening sales)
   Expense: ₹150 (stall fee)
   Expense: ₹150 (posters)
   What is the profit (in ₹)?
10. 10.Which of these is income (money in)? (a) bus fare to the market (b) buying paper cups (c) paying the stall fee (d) tutoring fees received
11. 11.📒 Income or expense: bus fare to the market? (a) expense (b) income
12. 12.➖ Profit in your records = (a) income + expenses (b) income − expenses (c) just the income (d) expenses − income
13. 13.Kavya’s stall took in ₹140 on Friday, ₹100 on Saturday and ₹290 on Sunday. What was the total income (in ₹)?
14. 14.Which of these is income (money in)? (a) money from sales (b) paying the stall fee (c) buying lemons (d) buying paper cups
15. 15.Riya’s stall took in ₹290 on Friday, ₹110 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
16. 16.Arjun’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹100 (ribbon)
    Expense: ₹130 (paper cups)
    How much is the loss (in ₹)?
17. 17.Lakshmi’s record for a rainy day:
    Income: ₹60 (sales)
    Expense: ₹40 (sugar)
    Expense: ₹30 (ribbon)
    How much is the loss (in ₹)?
18. 18.📒 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
19. 19.Nisha’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹210 (evening sales)
    Expense: ₹100 (sugar)
    Expense: ₹40 (ribbon)
    What is the profit (in ₹)?
20. 20.Ishaan’s stall took in ₹50 on Friday, ₹230 on Saturday and ₹220 on Sunday. What was the total income (in ₹)?
21. 21.Which of these is an expense (money out)? (a) a card order paid (b) money from sales (c) buying lemons (d) payment for a cake order
22. 22.📒 Income or expense: a card order paid? (a) expense (b) income
23. 23.True or false: “paying the stall fee” is income (money in). (a) True (b) False
24. 24.Diya’s record for a rainy day:
    Income: ₹250 (sales)
    Expense: ₹90 (lemons)
    Expense: ₹220 (paper cups)
    How much is the loss (in ₹)?
25. 25.📒 Income or expense: payment for a cake order? (a) expense (b) income
26. 26.Which of these is an expense (money out)? (a) a card order paid (b) cash from selling plants (c) buying paper cups (d) money from sales
27. 27.Rohan’s income was ₹330 and the profit was ₹200. One expense was ₹100 (card paper). How much was the other expense, for lemons (in ₹)?
28. 28.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
29. 29.Kavya’s income was ₹210 and the profit was ₹30. One expense was ₹100 (paper cups). How much was the other expense, for card paper (in ₹)?
30. 30.True or false: “a card order paid” is an expense (money out). (a) True (b) False
31. 31.📒 Income or expense: money from sales? (a) expense (b) income
32. 32.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
33. 33.Which of these is an expense (money out)? (a) a card order paid (b) printing posters (c) cash from selling plants (d) tutoring fees received
34. 34.Joseph’s income was ₹270 and the profit was ₹110. One expense was ₹70 (lemons). How much was the other expense, for stall fee (in ₹)?
35. 35.True or false: “buying lemons” is an expense (money out). (a) True (b) False
36. 36.Rohan’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹30 (sugar)
    Expense: ₹80 (posters)
    How much is the loss (in ₹)?
37. 37.True or false: “buying paper cups” is income (money in). (a) False (b) True
38. 38.Meera’s record for the day:
    Income: ₹110 (morning sales)
    Income: ₹320 (evening sales)
    Expense: ₹150 (ribbon)
    Expense: ₹140 (lemons)
    What is the profit (in ₹)?
39. 39.Kabir’s record for a rainy day:
    Income: ₹210 (sales)
    Expense: ₹10 (stall fee)
    Expense: ₹210 (lemons)
    How much is the loss (in ₹)?
40. 40.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False

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