Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 993 · 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.📅 When is the best time to update your records? (a) the same day (b) whenever you like (c) once a year (d) never
2. 2.📒 Income or expense: cash from selling plants? (a) income (b) expense
3. 3.Arjun’s stall took in ₹350 on Friday, ₹300 on Saturday and ₹60 on Sunday. What was the total income (in ₹)?
4. 4.Zoya’s record for a rainy day:
   Income: ₹70 (sales)
   Expense: ₹50 (paper cups)
   Expense: ₹110 (sugar)
   How much is the loss (in ₹)?
5. 5.📒 Income or expense: payment for a cake order? (a) income (b) expense
6. 6.Gurpreet’s record for the day:
   Income: ₹100 (morning sales)
   Income: ₹180 (evening sales)
   Expense: ₹170 (posters)
   Expense: ₹20 (lemons)
   What is the profit (in ₹)?
7. 7.True or false: “buying paper cups” is income (money in). (a) True (b) False
8. 8.📒 Why write down every sale and cost? (a) to fill a notebook (b) no reason (c) to look busy (d) to know the real profit
9. 9.True or false: “a card order paid” is an expense (money out). (a) True (b) False
10. 10.True or false: “tutoring fees received” is an expense (money out). (a) False (b) True
11. 11.Which of these is income (money in)? (a) money from sales (b) paying the stall fee (c) bus fare to the market (d) buying lemons
12. 12.Gurpreet’s record for a rainy day:
    Income: ₹260 (sales)
    Expense: ₹140 (card paper)
    Expense: ₹220 (ribbon)
    How much is the loss (in ₹)?
13. 13.➖ Profit in your records = (a) income − expenses (b) expenses − income (c) income + expenses (d) just the income
14. 14.📒 Income or expense: bus fare to the market? (a) income (b) expense
15. 15.Which of these is income (money in)? (a) bus fare to the market (b) buying paper cups (c) printing posters (d) cash from selling plants
16. 16.True or false: “money from sales” is income (money in). (a) False (b) True
17. 17.📒 Income or expense: printing posters? (a) expense (b) income
18. 18.True or false: “buying paper cups” is an expense (money out). (a) True (b) False
19. 19.Which of these is an expense (money out)? (a) tutoring fees received (b) a card order paid (c) buying lemons (d) money from sales
20. 20.True or false: “paying the stall fee” is income (money in). (a) True (b) False
21. 21.Gurpreet’s income was ₹450 and the profit was ₹50. One expense was ₹150 (ribbon). How much was the other expense, for lemons (in ₹)?
22. 22.📒 Income or expense: paying the stall fee? (a) income (b) expense
23. 23.Which of these is an expense (money out)? (a) money from sales (b) a card order paid (c) buying paper cups (d) cash from selling plants
24. 24.🧾 What should you keep after buying supplies? (a) only the bag (b) nothing (c) the bill or receipt (d) a selfie
25. 25.True or false: “tutoring fees received” is income (money in). (a) True (b) False
26. 26.Aarav’s record for the day:
    Income: ₹300 (morning sales)
    Income: ₹250 (evening sales)
    Expense: ₹190 (transport)
    Expense: ₹140 (posters)
    What is the profit (in ₹)?
27. 27.📒 Income or expense: a card order paid? (a) income (b) expense
28. 28.Rohan’s income was ₹170 and the profit was ₹130. One expense was ₹20 (paper cups). How much was the other expense, for transport (in ₹)?
29. 29.Zoya’s record for a rainy day:
    Income: ₹120 (sales)
    Expense: ₹80 (transport)
    Expense: ₹130 (card paper)
    How much is the loss (in ₹)?
30. 30.📒 Income or expense: buying lemons? (a) income (b) expense
31. 31.Rohan’s record for the day:
    Income: ₹130 (morning sales)
    Income: ₹20 (evening sales)
    Expense: ₹30 (card paper)
    Expense: ₹50 (paper cups)
    What is the profit (in ₹)?
32. 32.📒 Income or expense: money from sales? (a) expense (b) income
33. 33.Riya’s income was ₹120 and the profit was ₹40. One expense was ₹20 (card paper). How much was the other expense, for stall fee (in ₹)?
34. 34.Saanvi’s record for a rainy day:
    Income: ₹150 (sales)
    Expense: ₹30 (paper cups)
    Expense: ₹140 (posters)
    How much is the loss (in ₹)?
35. 35.Kavya’s income was ₹490 and the profit was ₹140. One expense was ₹320 (transport). How much was the other expense, for paper cups (in ₹)?
36. 36.Which of these is income (money in)? (a) buying lemons (b) bus fare to the market (c) printing posters (d) tutoring fees received
37. 37.True or false: “payment for a cake order” is income (money in). (a) False (b) True
38. 38.True or false: “cash from selling plants” is an expense (money out). (a) True (b) False
39. 39.True or false: “paying the stall fee” is an expense (money out). (a) True (b) False
40. 40.📒 Income or expense: buying paper cups? (a) income (b) expense

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