Solved Exercises on Simple Money Problems in Grade 1

Master basic money skills: counting coins, making change, and solving practical money problems through these 5 detailed exercises.

Money Basics & Essential Skills
🪙 Penny = 1¢ | Nickel = 5¢ | Dime = 10¢ | Quarter = 25¢ | 💵 Dollar = 100¢
Coin Values
Key Definitions:

Cent (¢): Smallest unit of US currency (100¢ = $1)

Dollar ($): Main unit of US currency

Counting Money: Adding up the values of coins and bills

Simple Money Problems: Basic math operations with money amounts

1¢
Penny
5¢
Nickel
10¢
Dime
25¢
Quarter
$1
Dollar Bill
Essential Money Skills:
  1. Counting Coins: Group by type and add values
  2. Adding Money: Combine amounts using addition
  3. Subtracting Money: Find differences or calculate change
  4. Comparing Amounts: Determine which is greater/less
  5. Converting Units: Change cents to dollars and vice versa
Tip 1: Count largest coins first (quarters, then dimes, nickels, pennies).
Tip 2: Remember: 4 quarters = 100¢ = $1.00
Tip 3: When adding money, keep cents separate from dollars.
Tip 4: Always check if your answer makes sense in real life.
Solution: Exercises 1 to 3
1 Counting Coins
Exercise 1
👧
Maya found 2 quarters, 1 dime, and 3 pennies in her piggy bank. How much money does Maya have?
Key Information:

Coins Found: 2 quarters, 1 dime, 3 pennies

Operation: Addition (counting total)

Counting Method:
  1. Group coins by type
  2. Calculate value of each group
  3. Add all values together
  4. Express in dollars if needed
Step 1: Identify coin values

Quarter = 25¢, Dime = 10¢, Penny = 1¢

Step 2: Calculate each group

2 quarters = 2 × 25¢ = 50¢

1 dime = 1 × 10¢ = 10¢

3 pennies = 3 × 1¢ = 3¢

Step 3: Add all values

50¢ + 10¢ + 3¢ = 63¢

Step 4: Express in dollars

63¢ = $0.63

Maya has 63¢ or $0.63
Final answer:

Maya has 63¢ or $0.63

Applied rules:

• Multiplication: Number of coins × Value per coin

• Addition: Sum all coin values

• Conversion: 100¢ = $1.00

2 Addition Problem
Exercise 2
👦
Alex bought a toy car for 40¢ and a sticker for 15¢. How much did Alex spend altogether?
Key Information:

Toy Car: 40¢

Sticker: 15¢

Question: How much altogether?

Operation: Addition (combining amounts)

Step 1: Identify amounts

Toy car: 40¢

Sticker: 15¢

Step 2: Set up addition

40¢ + 15¢ = ?

Step 3: Calculate total

40¢ + 15¢ = 55¢

Step 4: Express in dollars

55¢ = $0.55

Alex spent 55¢ or $0.55
Final answer:

Alex spent 55¢ or $0.55

Applied rules:

• Addition: When combining amounts

• Same Units: Both amounts in cents

• Total: Sum represents combined value

3 Making Change
Exercise 3
👧
Zoe bought a book that costs 75¢. She paid with $1.00. How much change did she receive?
Key Information:

Book Cost: 75¢

Payment: $1.00

Question: How much change?

Operation: Subtraction (payment - cost)

Step 1: Convert to same units

$1.00 = 100¢

Step 2: Set up subtraction

100¢ - 75¢ = ?

Step 3: Calculate change

100¢ - 75¢ = 25¢

Step 4: Express in dollars

25¢ = $0.25

Zoe received 25¢ or $0.25 change
Final answer:

Zoe received 25¢ or $0.25 change

Applied rules:

• Subtraction: Payment - Cost = Change

• Unit Conversion: Convert dollars to cents

• Verification: Change + Cost = Payment

Solution: Exercises 4 to 5
4 Comparison Problem
Exercise 4
👦
David has 60¢.
👧
Emma has 45¢. Who has more money and how much more?
Key Information:

David's Money: 60¢

Emma's Money: 45¢

Question: Who has more and by how much?

Operation: Comparison and subtraction

Step 1: Compare amounts

60¢ vs 45¢

60¢ > 45¢

Step 2: Calculate difference

60¢ - 45¢ = 15¢

Step 3: Answer both parts

David has more money

David has 15¢ more than Emma

David has more money by 15¢
Final answer:

David has more money by 15¢

Applied rules:

• Comparison: Compare values to determine greater amount

• Subtraction: Find difference between amounts

• Answer Both Parts: Address all questions asked

5 Multi-Step Problem
Exercise 5
👧
Lily earned 25¢ for doing chores. She spent 10¢ on candy. Then her dad gave her another 20¢. How much money does Lily have now?
Key Information:

Earned: 25¢

Spent: 10¢

Received: 20¢

Question: How much money now?

Operations: Addition and subtraction in sequence

Step 1: Start with earned money

Lily starts with: 25¢

Step 2: Subtract what she spent

25¢ - 10¢ = 15¢

Step 3: Add money from dad

15¢ + 20¢ = 35¢

Step 4: Express in dollars

35¢ = $0.35

Lily has 35¢ or $0.35 now
Final answer:

Lily has 35¢ or $0.35 now

Applied rules:

• Sequence: Follow events in order (earned → spent → received)

• Multi-step: Perform operations one at a time

• Verification: Check that final amount is reasonable

Questions & Answers

Question: My child often mixes up the values of different coins. How can I help them remember that a dime is worth 10¢ even though it's smaller than a nickel?

Answer: This is a very common confusion! Here are strategies to help:

  • Memory Aid: "Dime is ten" - connect the first letter to the value
  • Physical Comparison: Have your child hold each coin and note the differences in size, color, and texture
  • Practice Sorting: Sort mixed coins by type and count how many of each
  • Real-Life Context: Use actual coins in daily activities to build familiarity
  • Pattern Recognition: Notice that the dime is the smallest but worth the most among common coins

Create a "coin identification game" where you show a coin and ask for its value, rewarding correct answers with praise or small privileges.

Question: When I add money, I sometimes forget to carry over numbers. How can I make sure I add correctly?

Answer: Great question! Here are helpful addition strategies for money:

  1. Count by Groups: Count quarters by 25s, dimes by 10s, nickels by 5s, pennies by 1s
  2. Make Tens: Look for combinations that make 10¢ (like 7¢ + 3¢)
  3. Use Place Value: Separate tens and ones when adding larger amounts
  4. Check Your Work: Count the same coins again to verify
  5. Use Actual Coins: Physically count real coins to see the amounts

Example: Adding 35¢ + 27¢
Break it down: 30¢ + 5¢ + 20¢ + 7¢
Add tens: 30¢ + 20¢ = 50¢
Add ones: 5¢ + 7¢ = 12¢
Total: 50¢ + 12¢ = 62¢

Question: How do I help students understand when to add versus subtract in money problems?

Answer: Here are effective teaching strategies for operation identification:

  • Keyword Identification:
    • Addition: "total", "altogether", "in all", "more", "combined", "received"
    • Subtraction: "left", "remaining", "change", "less", "spent", "difference"
  • Action-Based Understanding: Getting money = addition, giving/spending money = subtraction
  • Story Context: Relate problems to familiar situations like shopping or saving
  • Visual Representation: Draw circles for coins received, cross out coins spent
  • Practice Patterns: Group similar problems together to recognize patterns

Create anchor charts with operation keywords and provide plenty of practice with immediate feedback. Use manipulatives to physically model the operations.