Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 881 · 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.Which of these is income (money in)? (a) buying paper cups (b) printing posters (c) paying the stall fee (d) payment for a cake order
2. 2.📒 Income or expense: buying lemons? (a) income (b) expense
3. 3.Which of these is income (money in)? (a) bus fare to the market (b) a card order paid (c) printing posters (d) buying lemons
4. 4.Which of these is income (money in)? (a) tutoring fees received (b) buying paper cups (c) bus fare to the market (d) paying the stall fee
5. 5.📒 Income or expense: bus fare to the market? (a) income (b) expense
6. 6.Nisha’s record for a rainy day:
   Income: ₹110 (sales)
   Expense: ₹130 (card paper)
   Expense: ₹40 (ribbon)
   How much is the loss (in ₹)?
7. 7.Tara’s record for a rainy day:
   Income: ₹270 (sales)
   Expense: ₹10 (paper cups)
   Expense: ₹280 (card paper)
   How much is the loss (in ₹)?
8. 8.📒 Why write down every sale and cost? (a) no reason (b) to fill a notebook (c) to know the real profit (d) to look busy
9. 9.🧾 What should you keep after buying supplies? (a) only the bag (b) the bill or receipt (c) a selfie (d) nothing
10. 10.True or false: “bus fare to the market” is an expense (money out). (a) False (b) True
11. 11.Which of these is an expense (money out)? (a) money from sales (b) a card order paid (c) paying the stall fee (d) payment for a cake order
12. 12.Kabir’s record for the day:
    Income: ₹240 (morning sales)
    Income: ₹290 (evening sales)
    Expense: ₹50 (ribbon)
    Expense: ₹190 (card paper)
    What is the profit (in ₹)?
13. 13.Diya’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹30 (posters)
    Expense: ₹160 (card paper)
    How much is the loss (in ₹)?
14. 14.Rohan’s income was ₹190 and the profit was ₹60. One expense was ₹110 (sugar). How much was the other expense, for posters (in ₹)?
15. 15.📒 Income or expense: tutoring fees received? (a) income (b) expense
16. 16.True or false: “bus fare to the market” is income (money in). (a) False (b) True
17. 17.True or false: “buying lemons” is income (money in). (a) True (b) False
18. 18.📒 Income or expense: printing posters? (a) income (b) expense
19. 19.Rohan’s stall took in ₹150 on Friday, ₹400 on Saturday and ₹250 on Sunday. What was the total income (in ₹)?
20. 20.📅 When is the best time to update your records? (a) the same day (b) once a year (c) never (d) whenever you like
21. 21.True or false: “a card order paid” is income (money in). (a) True (b) False
22. 22.📒 Income or expense: money from sales? (a) income (b) expense
23. 23.➖ Profit in your records = (a) expenses − income (b) income + expenses (c) just the income (d) income − expenses
24. 24.Gurpreet’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹160 (evening sales)
    Expense: ₹50 (ribbon)
    Expense: ₹140 (lemons)
    What is the profit (in ₹)?
25. 25.📒 Income or expense: cash from selling plants? (a) expense (b) income
26. 26.Which of these is an expense (money out)? (a) tutoring fees received (b) a card order paid (c) buying lemons (d) payment for a cake order
27. 27.Which of these is income (money in)? (a) buying paper cups (b) paying the stall fee (c) printing posters (d) money from sales
28. 28.True or false: “cash from selling plants” is income (money in). (a) False (b) True
29. 29.📒 Income or expense: a card order paid? (a) expense (b) income
30. 30.📒 Income or expense: buying paper cups? (a) expense (b) income
31. 31.Ananya’s record for a rainy day:
    Income: ₹300 (sales)
    Expense: ₹330 (ribbon)
    Expense: ₹40 (lemons)
    How much is the loss (in ₹)?
32. 32.True or false: “money from sales” is an expense (money out). (a) True (b) False
33. 33.Ananya’s income was ₹370 and the profit was ₹100. One expense was ₹130 (sugar). How much was the other expense, for transport (in ₹)?
34. 34.Gurpreet’s record for a rainy day:
    Income: ₹150 (sales)
    Expense: ₹180 (paper cups)
    Expense: ₹30 (card paper)
    How much is the loss (in ₹)?
35. 35.True or false: “paying the stall fee” is income (money in). (a) False (b) True
36. 36.Kabir’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹510 (evening sales)
    Expense: ₹180 (lemons)
    Expense: ₹120 (card paper)
    What is the profit (in ₹)?
37. 37.Arjun’s income was ₹190 and the profit was ₹90. One expense was ₹70 (card paper). How much was the other expense, for lemons (in ₹)?
38. 38.Lakshmi’s record for a rainy day:
    Income: ₹140 (sales)
    Expense: ₹110 (stall fee)
    Expense: ₹40 (ribbon)
    How much is the loss (in ₹)?
39. 39.Saanvi’s record for a rainy day:
    Income: ₹170 (sales)
    Expense: ₹20 (posters)
    Expense: ₹220 (card paper)
    How much is the loss (in ₹)?
40. 40.Tara’s record for the day:
    Income: ₹100 (morning sales)
    Income: ₹90 (evening sales)
    Expense: ₹70 (ribbon)
    Expense: ₹50 (posters)
    What is the profit (in ₹)?

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