Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 875 · 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.Gurpreet’s income was ₹110 and the profit was ₹30. One expense was ₹40 (posters). How much was the other expense, for lemons (in ₹)?
2. 2.📒 Income or expense: cash from selling plants? (a) income (b) expense
3. 3.True or false: “money from sales” is an expense (money out). (a) True (b) False
4. 4.Which of these is income (money in)? (a) buying lemons (b) paying the stall fee (c) buying paper cups (d) payment for a cake order
5. 5.Diya’s record for the day:
   Income: ₹230 (morning sales)
   Income: ₹50 (evening sales)
   Expense: ₹70 (posters)
   Expense: ₹190 (sugar)
   What is the profit (in ₹)?
6. 6.True or false: “tutoring fees received” is income (money in). (a) True (b) False
7. 7.Tara’s income was ₹320 and the profit was ₹200. One expense was ₹110 (ribbon). How much was the other expense, for transport (in ₹)?
8. 8.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
9. 9.Diya’s record for the day:
   Income: ₹300 (morning sales)
   Income: ₹10 (evening sales)
   Expense: ₹180 (transport)
   Expense: ₹20 (ribbon)
   What is the profit (in ₹)?
10. 10.Farhan’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹120 (posters)
    Expense: ₹40 (ribbon)
    How much is the loss (in ₹)?
11. 11.Which of these is income (money in)? (a) buying lemons (b) bus fare to the market (c) printing posters (d) money from sales
12. 12.➖ Profit in your records = (a) income − expenses (b) income + expenses (c) just the income (d) expenses − income
13. 13.📒 Why write down every sale and cost? (a) no reason (b) to look busy (c) to fill a notebook (d) to know the real profit
14. 14.📒 Income or expense: printing posters? (a) expense (b) income
15. 15.Kabir’s income was ₹300 and the profit was ₹270. One expense was ₹10 (ribbon). How much was the other expense, for card paper (in ₹)?
16. 16.Kavya’s record for the day:
    Income: ₹80 (morning sales)
    Income: ₹300 (evening sales)
    Expense: ₹170 (card paper)
    Expense: ₹90 (ribbon)
    What is the profit (in ₹)?
17. 17.Which of these is an expense (money out)? (a) cash from selling plants (b) a card order paid (c) tutoring fees received (d) buying paper cups
18. 18.Tara’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹110 (paper cups)
    Expense: ₹30 (transport)
    How much is the loss (in ₹)?
19. 19.Lakshmi’s record for the day:
    Income: ₹20 (morning sales)
    Income: ₹220 (evening sales)
    Expense: ₹30 (sugar)
    Expense: ₹40 (paper cups)
    What is the profit (in ₹)?
20. 20.Which of these is an expense (money out)? (a) tutoring fees received (b) money from sales (c) paying the stall fee (d) cash from selling plants
21. 21.Gurpreet’s record for a rainy day:
    Income: ₹80 (sales)
    Expense: ₹20 (transport)
    Expense: ₹160 (stall fee)
    How much is the loss (in ₹)?
22. 22.📒 Income or expense: tutoring fees received? (a) income (b) expense
23. 23.🧾 What should you keep after buying supplies? (a) only the bag (b) a selfie (c) nothing (d) the bill or receipt
24. 24.Arjun’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹220 (evening sales)
    Expense: ₹100 (paper cups)
    Expense: ₹190 (lemons)
    What is the profit (in ₹)?
25. 25.📒 Income or expense: payment for a cake order? (a) income (b) expense
26. 26.Dev’s income was ₹480 and the profit was ₹410. One expense was ₹60 (card paper). How much was the other expense, for transport (in ₹)?
27. 27.Joseph’s record for the day:
    Income: ₹180 (morning sales)
    Income: ₹230 (evening sales)
    Expense: ₹30 (card paper)
    Expense: ₹100 (lemons)
    What is the profit (in ₹)?
28. 28.True or false: “payment for a cake order” is an expense (money out). (a) True (b) False
29. 29.📒 Income or expense: paying the stall fee? (a) expense (b) income
30. 30.True or false: “paying the stall fee” is an expense (money out). (a) False (b) True
31. 31.Dev’s income was ₹150 and the profit was ₹20. One expense was ₹60 (stall fee). How much was the other expense, for posters (in ₹)?
32. 32.Kabir’s income was ₹100 and the profit was ₹20. One expense was ₹10 (card paper). How much was the other expense, for transport (in ₹)?
33. 33.Ananya’s record for the day:
    Income: ₹110 (morning sales)
    Income: ₹110 (evening sales)
    Expense: ₹20 (lemons)
    Expense: ₹40 (paper cups)
    What is the profit (in ₹)?
34. 34.Lakshmi’s stall took in ₹100 on Friday, ₹250 on Saturday and ₹80 on Sunday. What was the total income (in ₹)?
35. 35.📅 When is the best time to update your records? (a) never (b) whenever you like (c) once a year (d) the same day
36. 36.📒 Income or expense: money from sales? (a) income (b) expense
37. 37.📒 Income or expense: a card order paid? (a) expense (b) income
38. 38.Dev’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹100 (transport)
    Expense: ₹60 (stall fee)
    How much is the loss (in ₹)?
39. 39.True or false: “buying lemons” is income (money in). (a) False (b) True
40. 40.True or false: “paying the stall fee” is income (money in). (a) True (b) False

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