Record Keeping Basic Directions

Directions:

Keep two sets of records for 5 consecutive (in a row) Mini Society days. One set of records should show any personal money you earn or spend, and the other set of records should show any business money income or expenses. Each set of records should clearly indicate the date of each income or expense. Income and expense information should be recorded on separate lines in your records. Each line should have a notation of how the income was earned, or what was purchased for the expense. Ways to earn personal money may include minimum wage payments, civil servant payments, and your salary from a business, or renting your space to another person or business. Ways to spend personal money are to buy a service or product during Market Days. Ways to earn business money are by selling products or services to customers. Ways to spend business money are by purchasing or renting space, resources, or services, and by paying employees and business owners' salaries.

Income and Expenses Record Keeping Rubric