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Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 867 · 40 questions
TalentJR

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.

NameDateTime takenScore ___ / 40
  1. 1.Rohan’s record for a rainy day:
    Income: ₹290 (sales)
    Expense: ₹10 (posters)
    Expense: ₹310 (stall fee)
    How much is the loss (in ₹)?
  2. 2.Vihaan’s record for the day:
    Income: ₹290 (morning sales)
    Income: ₹70 (evening sales)
    Expense: ₹40 (ribbon)
    Expense: ₹200 (stall fee)
    What is the profit (in ₹)?
  3. 3.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
  4. 4.Which of these is an expense (money out)? (a) tutoring fees received (b) a card order paid (c) paying the stall fee (d) money from sales
  5. 5.True or false: “cash from selling plants” is income (money in). (a) True (b) False
  6. 6.📒 Income or expense: payment for a cake order? (a) expense (b) income
  7. 7.📒 Income or expense: buying paper cups? (a) expense (b) income
  8. 8.Which of these is income (money in)? (a) printing posters (b) buying lemons (c) bus fare to the market (d) cash from selling plants
  9. 9.Joseph’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹100 (sugar)
    Expense: ₹190 (card paper)
    How much is the loss (in ₹)?
  10. 10.Aarav’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹50 (posters)
    Expense: ₹60 (lemons)
    How much is the loss (in ₹)?
  11. 11.Meera’s stall took in ₹120 on Friday, ₹160 on Saturday and ₹380 on Sunday. What was the total income (in ₹)?
  12. 12.📒 Why write down every sale and cost? (a) to know the real profit (b) to look busy (c) no reason (d) to fill a notebook
  13. 13.Tara’s record for a rainy day:
    Income: ₹300 (sales)
    Expense: ₹80 (lemons)
    Expense: ₹290 (ribbon)
    How much is the loss (in ₹)?
  14. 14.Diya’s record for a rainy day:
    Income: ₹100 (sales)
    Expense: ₹60 (paper cups)
    Expense: ₹60 (stall fee)
    How much is the loss (in ₹)?
  15. 15.True or false: “money from sales” is income (money in). (a) True (b) False
  16. 16.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
  17. 17.Dev’s income was ₹330 and the profit was ₹80. One expense was ₹100 (stall fee). How much was the other expense, for posters (in ₹)?
  18. 18.📒 Income or expense: money from sales? (a) expense (b) income
  19. 19.📒 Income or expense: paying the stall fee? (a) expense (b) income
  20. 20.📒 Income or expense: cash from selling plants? (a) expense (b) income
  21. 21.➖ Profit in your records = (a) income − expenses (b) expenses − income (c) income + expenses (d) just the income
  22. 22.Farhan’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹10 (evening sales)
    Expense: ₹70 (posters)
    Expense: ₹50 (ribbon)
    What is the profit (in ₹)?
  23. 23.Diya’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹50 (ribbon)
    Expense: ₹80 (stall fee)
    How much is the loss (in ₹)?
  24. 24.Farhan’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹110 (ribbon)
    Expense: ₹30 (sugar)
    How much is the loss (in ₹)?
  25. 25.📒 Income or expense: tutoring fees received? (a) income (b) expense
  26. 26.True or false: “payment for a cake order” is income (money in). (a) False (b) True
  27. 27.Which of these is income (money in)? (a) paying the stall fee (b) buying paper cups (c) buying lemons (d) money from sales
  28. 28.Rohan’s stall took in ₹320 on Friday, ₹190 on Saturday and ₹330 on Sunday. What was the total income (in ₹)?
  29. 29.True or false: “buying paper cups” is an expense (money out). (a) True (b) False
  30. 30.Kabir’s record for the day:
    Income: ₹240 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹80 (card paper)
    Expense: ₹120 (ribbon)
    What is the profit (in ₹)?
  31. 31.Vihaan’s record for the day:
    Income: ₹260 (morning sales)
    Income: ₹220 (evening sales)
    Expense: ₹200 (transport)
    Expense: ₹160 (stall fee)
    What is the profit (in ₹)?
  32. 32.Which of these is an expense (money out)? (a) a card order paid (b) payment for a cake order (c) buying paper cups (d) tutoring fees received
  33. 33.True or false: “buying lemons” is income (money in). (a) True (b) False
  34. 34.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
  35. 35.Rohan’s stall took in ₹330 on Friday, ₹330 on Saturday and ₹70 on Sunday. What was the total income (in ₹)?
  36. 36.Riya’s income was ₹280 and the profit was ₹130. One expense was ₹60 (card paper). How much was the other expense, for stall fee (in ₹)?
  37. 37.Lakshmi’s income was ₹360 and the profit was ₹20. One expense was ₹80 (lemons). How much was the other expense, for posters (in ₹)?
  38. 38.Arjun’s record for the day:
    Income: ₹240 (morning sales)
    Income: ₹90 (evening sales)
    Expense: ₹150 (card paper)
    Expense: ₹140 (lemons)
    What is the profit (in ₹)?
  39. 39.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
  40. 40.📒 Income or expense: bus fare to the market? (a) expense (b) income

Answer key

  1. 30
  2. 120
  3. True
  4. paying the stall fee
  5. True
  6. income
  7. expense
  8. cash from selling plants
  9. 100
  10. 20
  11. 660
  12. to know the real profit
  13. 70
  14. 20
  15. True
  16. True
  17. 150
  18. income
  19. expense
  20. income
  21. income − expenses
  22. 20
  23. 10
  24. 30
  25. income
  26. True
  27. money from sales
  28. 840
  29. True
  30. 60
  31. 120
  32. buying paper cups
  33. False
  34. False
  35. 730
  36. 90
  37. 260
  38. 40
  39. False
  40. expense

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