Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 865 · 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 paper cups” is income (money in). (a) False (b) True
2. 2.📒 Income or expense: paying the stall fee? (a) income (b) expense
3. 3.Which of these is income (money in)? (a) buying lemons (b) a card order paid (c) bus fare to the market (d) buying paper cups
4. 4.Ananya’s record for a rainy day:
   Income: ₹180 (sales)
   Expense: ₹40 (transport)
   Expense: ₹240 (sugar)
   How much is the loss (in ₹)?
5. 5.True or false: “buying lemons” is income (money in). (a) False (b) True
6. 6.Which of these is an expense (money out)? (a) payment for a cake order (b) cash from selling plants (c) bus fare to the market (d) tutoring fees received
7. 7.Riya’s stall took in ₹350 on Friday, ₹70 on Saturday and ₹180 on Sunday. What was the total income (in ₹)?
8. 8.📒 Income or expense: payment for a cake order? (a) expense (b) income
9. 9.Tara’s stall took in ₹200 on Friday, ₹250 on Saturday and ₹220 on Sunday. What was the total income (in ₹)?
10. 10.📒 Why write down every sale and cost? (a) to know the real profit (b) to look busy (c) to fill a notebook (d) no reason
11. 11.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
12. 12.🧾 What should you keep after buying supplies? (a) only the bag (b) nothing (c) a selfie (d) the bill or receipt
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.Diya’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹150 (ribbon)
    Expense: ₹60 (card paper)
    What is the profit (in ₹)?
15. 15.Ishaan’s income was ₹400 and the profit was ₹50. One expense was ₹290 (paper cups). How much was the other expense, for transport (in ₹)?
16. 16.Meera’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹300 (evening sales)
    Expense: ₹170 (posters)
    Expense: ₹40 (transport)
    What is the profit (in ₹)?
17. 17.Which of these is an expense (money out)? (a) money from sales (b) paying the stall fee (c) a card order paid (d) payment for a cake order
18. 18.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
19. 19.➖ Profit in your records = (a) income + expenses (b) just the income (c) expenses − income (d) income − expenses
20. 20.Meera’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹300 (evening sales)
    Expense: ₹200 (card paper)
    Expense: ₹90 (lemons)
    What is the profit (in ₹)?
21. 21.Riya’s record for a rainy day:
    Income: ₹230 (sales)
    Expense: ₹270 (card paper)
    Expense: ₹20 (transport)
    How much is the loss (in ₹)?
22. 22.True or false: “money from sales” is an expense (money out). (a) True (b) False
23. 23.📒 Income or expense: buying lemons? (a) expense (b) income
24. 24.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
25. 25.Which of these is income (money in)? (a) paying the stall fee (b) money from sales (c) printing posters (d) buying lemons
26. 26.Tara’s record for the day:
    Income: ₹60 (morning sales)
    Income: ₹40 (evening sales)
    Expense: ₹30 (ribbon)
    Expense: ₹20 (lemons)
    What is the profit (in ₹)?
27. 27.📒 Income or expense: tutoring fees received? (a) expense (b) income
28. 28.Which of these is income (money in)? (a) buying lemons (b) printing posters (c) tutoring fees received (d) paying the stall fee
29. 29.Aarav’s record for the day:
    Income: ₹270 (morning sales)
    Income: ₹230 (evening sales)
    Expense: ₹160 (posters)
    Expense: ₹190 (stall fee)
    What is the profit (in ₹)?
30. 30.True or false: “tutoring fees received” is income (money in). (a) True (b) False
31. 31.📒 Income or expense: money from sales? (a) income (b) expense
32. 32.Saanvi’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹510 (evening sales)
    Expense: ₹130 (sugar)
    Expense: ₹160 (lemons)
    What is the profit (in ₹)?
33. 33.Gurpreet’s record for a rainy day:
    Income: ₹140 (sales)
    Expense: ₹50 (lemons)
    Expense: ₹180 (stall fee)
    How much is the loss (in ₹)?
34. 34.Lakshmi’s income was ₹360 and the profit was ₹260. One expense was ₹20 (lemons). How much was the other expense, for transport (in ₹)?
35. 35.True or false: “printing posters” is income (money in). (a) True (b) False
36. 36.Aarav’s record for the day:
    Income: ₹230 (morning sales)
    Income: ₹270 (evening sales)
    Expense: ₹160 (sugar)
    Expense: ₹110 (paper cups)
    What is the profit (in ₹)?
37. 37.Diya’s income was ₹490 and the profit was ₹380. One expense was ₹70 (stall fee). How much was the other expense, for lemons (in ₹)?
38. 38.📅 When is the best time to update your records? (a) whenever you like (b) once a year (c) the same day (d) never
39. 39.Kavya’s record for a rainy day:
    Income: ₹100 (sales)
    Expense: ₹90 (paper cups)
    Expense: ₹80 (sugar)
    How much is the loss (in ₹)?
40. 40.True or false: “bus fare to the market” is income (money in). (a) False (b) True

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