Solved Exercises on Simple Money Problems in Grade 1

Master money problems: addition, subtraction, and basic money calculations through these 5 detailed exercises.

Solution: Exercises 1 to 3
1 Money Addition Problem
Exercise 1
Sarah has 15¢ and her mom gives her 10¢ more. How much money does Sarah have now?
Definition:

Money Addition: Adding amounts of money together.

Addition Method:
  1. Identify the starting amount
  2. Identify the amount being added
  3. Add the two amounts together
  4. State the final amount
15¢
+
10¢
=
25¢
Step 1: Identify the starting amount

Sarah starts with 15¢

Step 2: Identify the amount added

Her mom gives her 10¢ more

Step 3: Add the amounts

15¢ + 10¢ = 25¢

Step 4: State the final answer

Sarah has 25¢ altogether

25¢
Final answer:

Sarah has 25¢ now

Applied rules:

• Addition: Combine two amounts

• Same Units: Both amounts in cents

• Word Problems: Identify key words like "more"

2 Money Subtraction Problem
Exercise 2
Tom had 20¢ and spent 8¢ on candy. How much money does Tom have left?
Definition:

Money Subtraction: Taking away an amount from a starting amount.

20¢
-
8¢
=
12¢
Step 1: Identify the starting amount

Tom starts with 20¢

Step 2: Identify the amount spent

He spent 8¢ on candy

Step 3: Subtract the amounts

20¢ - 8¢ = 12¢

Step 4: State the final answer

Tom has 12¢ left

12¢
Final answer:

Tom has 12¢ left

Applied rules:

• Subtraction: Take away from the starting amount

• Same Units: Both amounts in cents

• Word Problems: Identify key words like "spent" or "left"

3 Shopping Problem
Exercise 3
Emma bought a pencil for 15¢ and an eraser for 10¢. How much did she spend altogether?
Definition:

Shopping Problems: Adding multiple purchase amounts.

15¢
+
10¢
=
25¢
Step 1: Identify the cost of each item

Pencil costs 15¢, eraser costs 10¢

Step 2: Add the costs together

15¢ + 10¢ = 25¢

Step 3: State the total cost

Emma spent 25¢ altogether

Step 4: Verify the calculation

15¢ + 10¢ = 25¢

25¢
Final answer:

Emma spent 25¢ altogether

Applied rules:

• Addition: Combine multiple costs

• Same Units: All amounts in cents

• Word Problems: Identify "altogether" means add

Money Problems Summary
Key Definitions

• Money Addition: Combining amounts of money

• Money Subtraction: Taking away money from a starting amount

• Word Problems: Real-life situations involving money

• Shopping Problems: Adding costs of multiple items

• Change Problems: Calculating remaining money after spending

Total = Starting Amount + Added Amount
Addition Formula
Remaining = Starting Amount - Spent Amount
Subtraction Formula
Addition
+ or "more"
Combine amounts
Subtraction
- or "left"
Take away
Total
"altogether"
Final amount
Spent
"buy/purchase"
Money used
Problem-Solving Steps

• Read: Understand the problem

• Identify: Find the numbers and operation

• Solve: Do the math

• Check: Make sure your answer makes sense

Key Words

• Addition: "more", "total", "altogether", "sum"

• Subtraction: "left", "remaining", "spent", "less"

Solution: Exercises 4 to 5
4 Change Problem
Exercise 4
Jake had 25¢ and bought a toy for 18¢. How much change did he get back?
Definition:

Change Problems: Calculating remaining money after a purchase.

25¢
-
18¢
=
7¢
Step 1: Identify the starting amount

Jake starts with 25¢

Step 2: Identify the purchase amount

Toy costs 18¢

Step 3: Subtract to find change

25¢ - 18¢ = 7¢

Step 4: State the change

Jake gets 7¢ back

7¢
Final answer:

Jake got 7¢ in change

Applied rules:

• Subtraction: Take purchase from starting amount

• Change: Remaining money after purchase

• Word Problems: "get back" means find remaining

5 Multiple Purchases
Exercise 5
Lisa had 30¢. She bought a cookie for 12¢ and a juice for 8¢. How much money does she have left?
Definition:

Multiple Purchases: Adding expenses then subtracting from starting amount.

30¢
-
(12¢ + 8¢)
=
10¢
Step 1: Identify the starting amount

Lisa starts with 30¢

Step 2: Calculate total spent

Cookie (12¢) + Juice (8¢) = 20¢

Step 3: Subtract total spent

30¢ - 20¢ = 10¢

Step 4: State the final answer

Lisa has 10¢ left

10¢
Final answer:

Lisa has 10¢ left

Applied rules:

• Addition: First add all expenses together

• Subtraction: Then subtract total from starting amount

• Order of Operations: Add expenses first, then subtract

Detailed Concepts and Methods
Change = Money Given - Cost of Items
Change Formula
Key definitions:

Money Problems: Word problems involving adding or subtracting money amounts.

Starting Amount: The initial amount of money someone has.

Change: The remaining money after making a purchase.

Problem-Solving Strategy:
  1. Read Carefully: Understand what the problem is asking
  2. Identify Numbers: Find all the money amounts mentioned
  3. Determine Operation: Decide whether to add or subtract
  4. Solve: Perform the calculation
  5. Check: Make sure the answer makes sense
Tip 1: Look for key words that indicate addition or subtraction.
Tip 2: Draw pictures or use real coins to visualize the problem.
Tip 3: Always include the cent symbol (¢) in your answer.
Tip 4: Check if your answer is reasonable compared to the starting amount.
Common errors: Adding when you should subtract, forgetting to include units (¢), misreading numbers.
Success strategies: Read problems twice, draw pictures, check your work, use real coins for practice.
Essential Rules to Remember:

• Addition: "more", "total", "altogether", "combined"

• Subtraction: "left", "remaining", "spent", "change"

• Units: Always use ¢ for cents

• Logic: Remaining money should be less than starting amount

• Verification: Check if your answer makes sense

Money Problems Concepts Visualization
Money Problem Types
Let's analyze different money problem types and their characteristics:
Addition Problems
15¢
+
10¢
=
25¢

"More money" → Addition

Subtraction Problems
20¢
-
8¢
=
12¢

"Money spent" → Subtraction

Multiple Expenses
30¢
-
(12¢ + 8¢)
=
10¢

Add expenses first, then subtract

Key Words

• Addition: more, total, altogether, combined

• Subtraction: left, remaining, spent, change

• Important: always include units (¢)

Problem-Solving Skills: These exercises develop mathematical reasoning and prepare students for real-world money management tasks.

Questions & Answers

Question: I don't know when to add and when to subtract in money problems. How do I decide?

Answer: Look for these key words:

  • Addition: "more", "total", "altogether", "combined", "gets", "receives"
  • Subtraction: "left", "remaining", "spent", "cost", "bought", "used"

For example:

• "I have 10¢ and get 5¢ more" → Addition (10¢ + 5¢)

• "I had 20¢ and spent 8¢" → Subtraction (20¢ - 8¢)

Ask yourself: Am I getting more money or spending money?

Question: What activities can help my students practice simple money problems?

Answer: Here are effective activities for money problem practice:

  • Real shopping: Set up a classroom store with price tags
  • Story problems: Create relatable scenarios with students' names
  • Coin manipulatives: Use actual coins to model problems
  • Show addition and subtraction of money amounts

Use real-world contexts like "How much for lunch?" or "Do you have enough for a toy?"

Start with simple problems and gradually increase complexity!

Question: How can I help my child practice simple money problems at home?

Answer: Here are engaging home activities for money problem practice:

  • Pretend shopping: Use household items with price tags
  • Allowance problems: Calculate saving and spending
  • Grocery scenarios: Estimate and calculate costs
  • Real transactions: Let them handle small purchases

Make it game-like: "You have 25¢, what can you buy?" or "How much change should you get?"

Regular exposure to real money situations helps with problem-solving skills!

Question: Why is it important to learn about money problems? When will I use this?

Answer: Money problem skills are essential for real life:

  • Shopping: Calculating costs and change
  • Budgeting: Managing your own money
  • Allowances: Saving and spending decisions
  • Future math: Foundation for percentages and decimals

Understanding money problems helps you become financially responsible!

These skills help you make smart money decisions throughout your life!

Question: How do I check if my money problem answer is correct?

Answer: Here are ways to check your money problem answers:

  • Estimate: See if your answer seems reasonable
  • Reverse operation: Add the spent amount back to your answer
  • Draw pictures: Use coins to model the problem
  • Read again: Make sure you answered the right question

For example, if you started with 20¢ and spent 8¢, leaving 12¢, check: 12¢ + 8¢ = 20¢ ✓

Always include the cent symbol (¢) in your answer!