Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 910 · 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) expense (b) income
2. 2.Which of these is income (money in)? (a) printing posters (b) payment for a cake order (c) bus fare to the market (d) buying lemons
3. 3.Gurpreet’s record for a rainy day:
   Income: ₹110 (sales)
   Expense: ₹30 (transport)
   Expense: ₹90 (sugar)
   How much is the loss (in ₹)?
4. 4.📒 Income or expense: bus fare to the market? (a) income (b) expense
5. 5.📒 Why write down every sale and cost? (a) to know the real profit (b) to look busy (c) no reason (d) to fill a notebook
6. 6.True or false: “printing posters” is income (money in). (a) False (b) True
7. 7.True or false: “buying lemons” is an expense (money out). (a) True (b) False
8. 8.Which of these is income (money in)? (a) bus fare to the market (b) paying the stall fee (c) buying paper cups (d) money from sales
9. 9.Nisha’s record for a rainy day:
   Income: ₹230 (sales)
   Expense: ₹20 (card paper)
   Expense: ₹250 (sugar)
   How much is the loss (in ₹)?
10. 10.True or false: “tutoring fees received” is an expense (money out). (a) True (b) False
11. 11.Which of these is an expense (money out)? (a) a card order paid (b) money from sales (c) tutoring fees received (d) paying the stall fee
12. 12.Which of these is an expense (money out)? (a) tutoring fees received (b) cash from selling plants (c) buying lemons (d) a card order paid
13. 13.Which of these is income (money in)? (a) a card order paid (b) printing posters (c) bus fare to the market (d) paying the stall fee
14. 14.📅 When is the best time to update your records? (a) once a year (b) never (c) the same day (d) whenever you like
15. 15.Lakshmi’s stall took in ₹140 on Friday, ₹80 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
16. 16.Gurpreet’s record for the day:
    Income: ₹50 (morning sales)
    Income: ₹220 (evening sales)
    Expense: ₹50 (paper cups)
    Expense: ₹30 (lemons)
    What is the profit (in ₹)?
17. 17.Lakshmi’s income was ₹210 and the profit was ₹70. One expense was ₹120 (transport). How much was the other expense, for paper cups (in ₹)?
18. 18.📒 Income or expense: tutoring fees received? (a) expense (b) income
19. 19.📒 Income or expense: buying lemons? (a) expense (b) income
20. 20.📒 Income or expense: buying paper cups? (a) expense (b) income
21. 21.🧾 What should you keep after buying supplies? (a) nothing (b) a selfie (c) only the bag (d) the bill or receipt
22. 22.True or false: “payment for a cake order” is income (money in). (a) True (b) False
23. 23.Farhan’s income was ₹360 and the profit was ₹140. One expense was ₹140 (posters). How much was the other expense, for paper cups (in ₹)?
24. 24.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
25. 25.Ishaan’s income was ₹470 and the profit was ₹250. One expense was ₹160 (transport). How much was the other expense, for lemons (in ₹)?
26. 26.Ananya’s record for the day:
    Income: ₹270 (morning sales)
    Income: ₹80 (evening sales)
    Expense: ₹160 (lemons)
    Expense: ₹110 (stall fee)
    What is the profit (in ₹)?
27. 27.Farhan’s stall took in ₹70 on Friday, ₹280 on Saturday and ₹350 on Sunday. What was the total income (in ₹)?
28. 28.Lakshmi’s record for a rainy day:
    Income: ₹100 (sales)
    Expense: ₹150 (paper cups)
    Expense: ₹10 (stall fee)
    How much is the loss (in ₹)?
29. 29.📒 Income or expense: a card order paid? (a) income (b) expense
30. 30.True or false: “cash from selling plants” is income (money in). (a) True (b) False
31. 31.📒 Income or expense: payment for a cake order? (a) expense (b) income
32. 32.True or false: “printing posters” is an expense (money out). (a) False (b) True
33. 33.Vihaan’s stall took in ₹150 on Friday, ₹80 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?
34. 34.Joseph’s record for the day:
    Income: ₹150 (morning sales)
    Income: ₹140 (evening sales)
    Expense: ₹60 (paper cups)
    Expense: ₹180 (ribbon)
    What is the profit (in ₹)?
35. 35.Joseph’s record for the day:
    Income: ₹40 (morning sales)
    Income: ₹260 (evening sales)
    Expense: ₹30 (posters)
    Expense: ₹90 (paper cups)
    What is the profit (in ₹)?
36. 36.Vihaan’s record for a rainy day:
    Income: ₹190 (sales)
    Expense: ₹60 (transport)
    Expense: ₹160 (lemons)
    How much is the loss (in ₹)?
37. 37.True or false: “a card order paid” is an expense (money out). (a) False (b) True
38. 38.True or false: “buying lemons” is income (money in). (a) False (b) True
39. 39.Meera’s record for the day:
    Income: ₹260 (morning sales)
    Income: ₹30 (evening sales)
    Expense: ₹30 (stall fee)
    Expense: ₹70 (sugar)
    What is the profit (in ₹)?
40. 40.📒 Income or expense: paying the stall fee? (a) income (b) expense

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