Finance Unbox-ED (INR) - Grade 3-5 - Session 003 - Quiz 2

Select all the statements that are true

• Income - Expense = Loss

• Income - Expense = Profit

• Expense - Income = Profit

• Expense - Income = Loss

Breakeven happens when income is equal to expenses

• True

• False

John bought a game for INR 50 and spent INR 10 repairing it. He sold it for INR 60

• John made a profit of INR 10

• John made a loss of INR 10

• John was breakeven on the sale

• John made a loss of INR 50

Roger bought a chocolate bar for INR 20 and sold it for INR 30. Select all the statements that are true

• Roger's income is INR 30

• Roger's expense is INR 20

• Roger's loss is INR 10

• Roger's profit is INR 10

Sachin sold lemonade for INR 50. It cost him INR 10 for the lemons and INR 20 for the soda. Select all the statements that are true

• Sachin earned an income of INR 50

• Sachin made expenses of INR 30

• Sachin made a profit of INR 20

• Sachin made a loss of INR 20