Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 889 · 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 an expense (money out)? (a) cash from selling plants (b) money from sales (c) buying lemons (d) tutoring fees received
2. 2.📒 Income or expense: tutoring fees received? (a) expense (b) income
3. 3.📒 Income or expense: paying the stall fee? (a) income (b) expense
4. 4.Diya’s record for the day:
   Income: ₹220 (morning sales)
   Income: ₹40 (evening sales)
   Expense: ₹180 (paper cups)
   Expense: ₹50 (lemons)
   What is the profit (in ₹)?
5. 5.Nisha’s stall took in ₹170 on Friday, ₹100 on Saturday and ₹80 on Sunday. What was the total income (in ₹)?
6. 6.True or false: “bus fare to the market” is an expense (money out). (a) True (b) False
7. 7.True or false: “tutoring fees received” is income (money in). (a) False (b) True
8. 8.True or false: “buying lemons” is an expense (money out). (a) False (b) True
9. 9.📅 When is the best time to update your records? (a) never (b) whenever you like (c) the same day (d) once a year
10. 10.True or false: “buying lemons” is income (money in). (a) False (b) True
11. 11.Which of these is income (money in)? (a) paying the stall fee (b) buying paper cups (c) buying lemons (d) money from sales
12. 12.📒 Income or expense: printing posters? (a) expense (b) income
13. 13.Lakshmi’s record for a rainy day:
    Income: ₹270 (sales)
    Expense: ₹90 (transport)
    Expense: ₹270 (stall fee)
    How much is the loss (in ₹)?
14. 14.📒 Income or expense: a card order paid? (a) expense (b) income
15. 15.Lakshmi’s stall took in ₹260 on Friday, ₹170 on Saturday and ₹390 on Sunday. What was the total income (in ₹)?
16. 16.📒 Income or expense: buying lemons? (a) income (b) expense
17. 17.Zoya’s income was ₹440 and the profit was ₹20. One expense was ₹30 (ribbon). How much was the other expense, for stall fee (in ₹)?
18. 18.Farhan’s record for a rainy day:
    Income: ₹110 (sales)
    Expense: ₹40 (ribbon)
    Expense: ₹170 (lemons)
    How much is the loss (in ₹)?
19. 19.True or false: “printing posters” is income (money in). (a) True (b) False
20. 20.Which of these is income (money in)? (a) payment for a cake order (b) buying paper cups (c) bus fare to the market (d) paying the stall fee
21. 21.Kavya’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹70 (paper cups)
    Expense: ₹50 (lemons)
    What is the profit (in ₹)?
22. 22.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
23. 23.📒 Why write down every sale and cost? (a) no reason (b) to know the real profit (c) to fill a notebook (d) to look busy
24. 24.True or false: “paying the stall fee” is income (money in). (a) True (b) False
25. 25.Which of these is an expense (money out)? (a) tutoring fees received (b) money from sales (c) cash from selling plants (d) bus fare to the market
26. 26.Which of these is income (money in)? (a) buying lemons (b) printing posters (c) paying the stall fee (d) tutoring fees received
27. 27.Kabir’s record for a rainy day:
    Income: ₹70 (sales)
    Expense: ₹70 (posters)
    Expense: ₹70 (sugar)
    How much is the loss (in ₹)?
28. 28.True or false: “cash from selling plants” is income (money in). (a) False (b) True
29. 29.Farhan’s record for a rainy day:
    Income: ₹280 (sales)
    Expense: ₹320 (stall fee)
    Expense: ₹50 (lemons)
    How much is the loss (in ₹)?
30. 30.Riya’s income was ₹340 and the profit was ₹320. One expense was ₹10 (card paper). How much was the other expense, for stall fee (in ₹)?
31. 31.Which of these is an expense (money out)? (a) a card order paid (b) tutoring fees received (c) buying paper cups (d) cash from selling plants
32. 32.Which of these is income (money in)? (a) paying the stall fee (b) buying paper cups (c) bus fare to the market (d) a card order paid
33. 33.➖ Profit in your records = (a) expenses − income (b) income + expenses (c) just the income (d) income − expenses
34. 34.Vihaan’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹50 (paper cups)
    Expense: ₹100 (sugar)
    How much is the loss (in ₹)?
35. 35.Aarav’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹80 (ribbon)
    Expense: ₹130 (sugar)
    How much is the loss (in ₹)?
36. 36.Arjun’s record for the day:
    Income: ₹220 (morning sales)
    Income: ₹250 (evening sales)
    Expense: ₹170 (lemons)
    Expense: ₹30 (card paper)
    What is the profit (in ₹)?
37. 37.Aarav’s income was ₹480 and the profit was ₹50. One expense was ₹390 (paper cups). How much was the other expense, for card paper (in ₹)?
38. 38.Aarav’s income was ₹390 and the profit was ₹150. One expense was ₹60 (ribbon). How much was the other expense, for paper cups (in ₹)?
39. 39.Diya’s record for the day:
    Income: ₹100 (morning sales)
    Income: ₹100 (evening sales)
    Expense: ₹50 (card paper)
    Expense: ₹50 (paper cups)
    What is the profit (in ₹)?
40. 40.Ishaan’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹190 (ribbon)
    Expense: ₹80 (sugar)
    How much is the loss (in ₹)?

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