Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 868 · 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) income (b) expense
2. 2.True or false: “money from sales” is an expense (money out). (a) True (b) False
3. 3.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
4. 4.Kabir’s record for the day:
   Income: ₹300 (morning sales)
   Income: ₹40 (evening sales)
   Expense: ₹20 (ribbon)
   Expense: ₹120 (lemons)
   What is the profit (in ₹)?
5. 5.Meera’s record for a rainy day:
   Income: ₹270 (sales)
   Expense: ₹240 (lemons)
   Expense: ₹70 (sugar)
   How much is the loss (in ₹)?
6. 6.Riya’s stall took in ₹250 on Friday, ₹360 on Saturday and ₹290 on Sunday. What was the total income (in ₹)?
7. 7.Which of these is income (money in)? (a) buying paper cups (b) printing posters (c) paying the stall fee (d) tutoring fees received
8. 8.📒 Why write down every sale and cost? (a) to look busy (b) no reason (c) to fill a notebook (d) to know the real profit
9. 9.Kabir’s record for a rainy day:
   Income: ₹170 (sales)
   Expense: ₹50 (sugar)
   Expense: ₹180 (transport)
   How much is the loss (in ₹)?
10. 10.Kavya’s record for a rainy day:
    Income: ₹200 (sales)
    Expense: ₹190 (sugar)
    Expense: ₹70 (transport)
    How much is the loss (in ₹)?
11. 11.Which of these is income (money in)? (a) bus fare to the market (b) paying the stall fee (c) a card order paid (d) buying paper cups
12. 12.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
13. 13.True or false: “cash from selling plants” is income (money in). (a) True (b) False
14. 14.True or false: “tutoring fees received” is income (money in). (a) True (b) False
15. 15.Diya’s record for a rainy day:
    Income: ₹160 (sales)
    Expense: ₹90 (transport)
    Expense: ₹160 (ribbon)
    How much is the loss (in ₹)?
16. 16.True or false: “a card order paid” is income (money in). (a) False (b) True
17. 17.📒 Income or expense: payment for a cake order? (a) expense (b) income
18. 18.Diya’s income was ₹130 and the profit was ₹60. One expense was ₹20 (transport). How much was the other expense, for posters (in ₹)?
19. 19.Riya’s record for the day:
    Income: ₹160 (morning sales)
    Income: ₹80 (evening sales)
    Expense: ₹70 (paper cups)
    Expense: ₹50 (stall fee)
    What is the profit (in ₹)?
20. 20.📒 Income or expense: buying paper cups? (a) expense (b) income
21. 21.True or false: “buying paper cups” is an expense (money out). (a) False (b) True
22. 22.📒 Income or expense: buying lemons? (a) expense (b) income
23. 23.Tara’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹110 (lemons)
    Expense: ₹40 (stall fee)
    How much is the loss (in ₹)?
24. 24.Kavya’s stall took in ₹300 on Friday, ₹110 on Saturday and ₹170 on Sunday. What was the total income (in ₹)?
25. 25.🧾 What should you keep after buying supplies? (a) the bill or receipt (b) a selfie (c) only the bag (d) nothing
26. 26.Ishaan’s record for a rainy day:
    Income: ₹250 (sales)
    Expense: ₹30 (card paper)
    Expense: ₹290 (paper cups)
    How much is the loss (in ₹)?
27. 27.Which of these is income (money in)? (a) bus fare to the market (b) buying paper cups (c) buying lemons (d) cash from selling plants
28. 28.Which of these is income (money in)? (a) printing posters (b) buying paper cups (c) money from sales (d) bus fare to the market
29. 29.Vihaan’s income was ₹160 and the profit was ₹130. One expense was ₹20 (posters). How much was the other expense, for ribbon (in ₹)?
30. 30.➖ Profit in your records = (a) income + expenses (b) just the income (c) expenses − income (d) income − expenses
31. 31.Vihaan’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹310 (evening sales)
    Expense: ₹20 (ribbon)
    Expense: ₹170 (posters)
    What is the profit (in ₹)?
32. 32.Which of these is an expense (money out)? (a) money from sales (b) cash from selling plants (c) a card order paid (d) buying lemons
33. 33.Which of these is an expense (money out)? (a) payment for a cake order (b) buying paper cups (c) cash from selling plants (d) money from sales
34. 34.Meera’s income was ₹360 and the profit was ₹110. One expense was ₹110 (lemons). How much was the other expense, for stall fee (in ₹)?
35. 35.Tara’s income was ₹400 and the profit was ₹190. One expense was ₹10 (ribbon). How much was the other expense, for paper cups (in ₹)?
36. 36.📅 When is the best time to update your records? (a) never (b) once a year (c) whenever you like (d) the same day
37. 37.Rohan’s record for a rainy day:
    Income: ₹180 (sales)
    Expense: ₹10 (lemons)
    Expense: ₹240 (ribbon)
    How much is the loss (in ₹)?
38. 38.Dev’s stall took in ₹280 on Friday, ₹140 on Saturday and ₹380 on Sunday. What was the total income (in ₹)?
39. 39.Nisha’s income was ₹130 and the profit was ₹80. One expense was ₹40 (sugar). How much was the other expense, for posters (in ₹)?
40. 40.Saanvi’s record for the day:
    Income: ₹110 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹50 (lemons)
    Expense: ₹120 (card paper)
    What is the profit (in ₹)?

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