Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 872 · 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.📒 Why write down every sale and cost? (a) no reason (b) to know the real profit (c) to look busy (d) to fill a notebook
2. 2.➖ Profit in your records = (a) income + expenses (b) income − expenses (c) just the income (d) expenses − income
3. 3.Ishaan’s stall took in ₹180 on Friday, ₹100 on Saturday and ₹160 on Sunday. What was the total income (in ₹)?
4. 4.Which of these is an expense (money out)? (a) cash from selling plants (b) money from sales (c) tutoring fees received (d) bus fare to the market
5. 5.True or false: “buying paper cups” is an expense (money out). (a) True (b) False
6. 6.📒 Income or expense: buying paper cups? (a) expense (b) income
7. 7.Which of these is an expense (money out)? (a) payment for a cake order (b) buying lemons (c) a card order paid (d) cash from selling plants
8. 8.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
9. 9.Which of these is an expense (money out)? (a) payment for a cake order (b) buying paper cups (c) tutoring fees received (d) money from sales
10. 10.Aarav’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹350 (evening sales)
    Expense: ₹50 (posters)
    Expense: ₹120 (sugar)
    What is the profit (in ₹)?
11. 11.Tara’s record for the day:
    Income: ₹90 (morning sales)
    Income: ₹150 (evening sales)
    Expense: ₹90 (paper cups)
    Expense: ₹80 (card paper)
    What is the profit (in ₹)?
12. 12.True or false: “buying lemons” is income (money in). (a) True (b) False
13. 13.Diya’s record for a rainy day:
    Income: ₹80 (sales)
    Expense: ₹20 (card paper)
    Expense: ₹70 (stall fee)
    How much is the loss (in ₹)?
14. 14.🧾 What should you keep after buying supplies? (a) a selfie (b) the bill or receipt (c) only the bag (d) nothing
15. 15.True or false: “tutoring fees received” is income (money in). (a) True (b) False
16. 16.Diya’s record for a rainy day:
    Income: ₹50 (sales)
    Expense: ₹50 (posters)
    Expense: ₹10 (paper cups)
    How much is the loss (in ₹)?
17. 17.Joseph’s income was ₹230 and the profit was ₹80. One expense was ₹10 (paper cups). How much was the other expense, for lemons (in ₹)?
18. 18.Which of these is an expense (money out)? (a) money from sales (b) paying the stall fee (c) tutoring fees received (d) cash from selling plants
19. 19.Farhan’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹230 (evening sales)
    Expense: ₹140 (paper cups)
    Expense: ₹100 (posters)
    What is the profit (in ₹)?
20. 20.Riya’s record for a rainy day:
    Income: ₹140 (sales)
    Expense: ₹130 (posters)
    Expense: ₹60 (ribbon)
    How much is the loss (in ₹)?
21. 21.True or false: “money from sales” is an expense (money out). (a) True (b) False
22. 22.📅 When is the best time to update your records? (a) whenever you like (b) the same day (c) once a year (d) never
23. 23.📒 Income or expense: printing posters? (a) expense (b) income
24. 24.📒 Income or expense: a card order paid? (a) expense (b) income
25. 25.Dev’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹60 (transport)
    Expense: ₹120 (ribbon)
    What is the profit (in ₹)?
26. 26.True or false: “printing posters” is an expense (money out). (a) False (b) True
27. 27.Arjun’s record for the day:
    Income: ₹330 (morning sales)
    Income: ₹220 (evening sales)
    Expense: ₹110 (stall fee)
    Expense: ₹140 (paper cups)
    What is the profit (in ₹)?
28. 28.Rohan’s record for a rainy day:
    Income: ₹90 (sales)
    Expense: ₹130 (card paper)
    Expense: ₹30 (ribbon)
    How much is the loss (in ₹)?
29. 29.Diya’s record for the day:
    Income: ₹190 (morning sales)
    Income: ₹230 (evening sales)
    Expense: ₹120 (transport)
    Expense: ₹180 (paper cups)
    What is the profit (in ₹)?
30. 30.True or false: “bus fare to the market” is income (money in). (a) False (b) True
31. 31.True or false: “paying the stall fee” is income (money in). (a) False (b) True
32. 32.Diya’s stall took in ₹80 on Friday, ₹210 on Saturday and ₹130 on Sunday. What was the total income (in ₹)?
33. 33.True or false: “money from sales” is income (money in). (a) False (b) True
34. 34.True or false: “a card order paid” is income (money in). (a) True (b) False
35. 35.Arjun’s record for a rainy day:
    Income: ₹260 (sales)
    Expense: ₹90 (transport)
    Expense: ₹270 (paper cups)
    How much is the loss (in ₹)?
36. 36.Ananya’s stall took in ₹100 on Friday, ₹130 on Saturday and ₹260 on Sunday. What was the total income (in ₹)?
37. 37.Farhan’s stall took in ₹330 on Friday, ₹370 on Saturday and ₹80 on Sunday. What was the total income (in ₹)?
38. 38.Arjun’s income was ₹190 and the profit was ₹50. One expense was ₹50 (lemons). How much was the other expense, for card paper (in ₹)?
39. 39.Ishaan’s income was ₹290 and the profit was ₹60. One expense was ₹220 (lemons). How much was the other expense, for paper cups (in ₹)?
40. 40.📒 Income or expense: money from sales? (a) income (b) expense

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