Solved Exercises on Simple Money Problems Year 1 in Grade 1

Master Year 1 money skills: counting coins, making change, and solving practical money problems through these 5 detailed exercises.

Year 1 Money Foundations
🪙 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 for Year 1

1¢
Penny
5¢
Nickel
10¢
Dime
25¢
Quarter
$1
Dollar Bill
Year 1 Money Skills:
  1. Recognizing Coins: Identify penny, nickel, dime, quarter
  2. Counting Coins: Add up values of same and different coins
  3. Simple Addition: Combining amounts up to 100¢
  4. Simple Subtraction: Finding differences and change
  5. Comparing Amounts: Determining which is more/less
Tip 1: Practice with real coins to build tactile memory.
Tip 2: Count largest coins first (quarters, then dimes, nickels, pennies).
Tip 3: Use skip counting: 5s for nickels, 10s for dimes, 25s for quarters.
Tip 4: Always check if your answer makes sense in real life.
Solution: Exercises 1 to 3
1 Counting Coins
Exercise 1
👧
Amy found 3 dimes and 4 pennies in her toy box. How much money did Amy find?
Key Information:

Coins Found: 3 dimes, 4 pennies

Operation: Addition (counting total)

Goal: Find total value of coins

Counting Method:
  1. Identify value of each coin type
  2. Multiply number of each coin by its value
  3. Add all values together
  4. Express in dollars if needed
Step 1: Identify coin values

Dime = 10¢, Penny = 1¢

Step 2: Calculate each group

3 dimes = 3 × 10¢ = 30¢

4 pennies = 4 × 1¢ = 4¢

Step 3: Add all values

30¢ + 4¢ = 34¢

Step 4: Express in dollars

34¢ = $0.34

Amy found 34¢ or $0.34
Final answer:

Amy found 34¢ or $0.34

Applied rules:

• Multiplication: Number of coins × Value per coin

• Addition: Sum all coin values

• Unit Consistency: All amounts in same unit (cents)

2 Addition Problem
Exercise 2
👦
Ben has 25¢. His sister gives him 15¢ more. How much money does Ben have now?
Key Information:

Ben's Original Money: 25¢

Money Received: 15¢

Question: How much money now?

Operation: Addition (combining amounts)

Step 1: Identify starting amount

Ben starts with: 25¢

Step 2: Identify additional amount

Received: 15¢

Step 3: Set up addition

25¢ + 15¢ = ?

Step 4: Calculate total

25¢ + 15¢ = 40¢

Step 5: Express in dollars

40¢ = $0.40

Ben has 40¢ or $0.40 now
Final answer:

Ben has 40¢ or $0.40 now

Applied rules:

• Addition: When combining amounts

• Same Units: Both amounts in cents

• Total: Sum represents final amount

3 Making Change
Exercise 3
👧
Lisa bought a lollipop for 30¢. She gave the shopkeeper 50¢. How much change should she get?
Key Information:

Item Cost: 30¢

Payment: 50¢

Question: How much change?

Operation: Subtraction (payment - cost)

Step 1: Identify payment and cost

Payment: 50¢, Cost: 30¢

Step 2: Set up subtraction

50¢ - 30¢ = ?

Step 3: Calculate change

50¢ - 30¢ = 20¢

Step 4: Express in dollars

20¢ = $0.20

Lisa should get 20¢ or $0.20 change
Final answer:

Lisa should get 20¢ or $0.20 change

Applied rules:

• Subtraction: Payment - Cost = Change

• Verification: Change + Cost = Payment (20¢ + 30¢ = 50¢ ✓)

• Logical Check: Change should be less than payment

Solution: Exercises 4 to 5
4 Comparison Problem
Exercise 4
👦
Tom has 45¢.
👧
Kate has 35¢. Who has more money and how much more?
Key Information:

Tom's Money: 45¢

Kate's Money: 35¢

Questions: Who has more? How much more?

Operations: Comparison and subtraction

Step 1: Compare the amounts

45¢ vs 35¢

45¢ > 35¢

Step 2: Calculate the difference

45¢ - 35¢ = 10¢

Step 3: Answer both parts

Tom has more money

Tom has 10¢ more than Kate

Tom has more money by 10¢
Final answer:

Tom has more money by 10¢

Applied rules:

• Comparison: Compare values to determine greater amount

• Subtraction: Find difference between amounts

• Complete Answer: Address all parts of the question

5 Multi-Step Problem
Exercise 5
👧
Emma had 60¢. She spent 25¢ on stickers. Then her mom gave her 20¢. How much money does Emma have now?
Key Information:

Starting Amount: 60¢

Amount Spent: 25¢

Amount Received: 20¢

Question: How much money now?

Operations: Subtraction then addition in sequence

Step 1: Start with initial amount

Emma starts with: 60¢

Step 2: Subtract amount spent

60¢ - 25¢ = 35¢

Step 3: Add amount received

35¢ + 20¢ = 55¢

Step 4: Express in dollars

55¢ = $0.55

Emma has 55¢ or $0.55 now
Final answer:

Emma has 55¢ or $0.55 now

Applied rules:

• Sequential Operations: Follow events in chronological order

• Multi-step: Perform operations one at a time

• Verification: Check that final amount is reasonable

Questions & Answers

Question: My Year 1 child is struggling with the concept of making change. They understand paying for items but not why they get money back. How can I explain this?

Answer: This is a common challenge for Year 1 students! Here's how to explain making change:

  • Real-Life Context: Use actual shopping scenarios with toys or snacks
  • Physical Demonstration: Show that when you pay more than the price, the extra comes back
  • Simple Language: "If something costs 20¢ and you give 50¢, you get 30¢ back because you gave too much"
  • Visual Aids: Use coins to show the transaction process
  • Role Play: Act out being customer and shopkeeper

Start with simple examples like: "Ice cream costs 10¢, you give 20¢, you get 10¢ back." Build confidence with small amounts before progressing to larger numbers.

Question: Sometimes I get confused when adding money and I count wrong. How can I make sure I count correctly?

Answer: Great question! Here are counting strategies that work well for Year 1:

  1. Sort First: Put same coins together (all dimes, all pennies)
  2. Count by Type: Count dimes by 10s (10, 20, 30...), pennies by 1s (1, 2, 3...)
  3. Write It Down: Keep a running total as you count each type
  4. Check Twice: Count the same coins again to make sure
  5. Use Skip Counting: Practice counting by 5s for nickels, 10s for dimes

Example: For 3 dimes and 4 pennies:
Dimes: 10, 20, 30¢
Pennies: 31, 32, 33, 34¢
Total: 34¢

Question: What are the most important money concepts Year 1 students should master before moving to Year 2?

Answer: Year 1 students should master these foundational money concepts:

  • Coin Recognition: Identify penny, nickel, dime, quarter and know their values
  • Basic Counting: Count combinations of coins up to 100¢
  • Simple Addition: Combine money amounts using mental math or counting
  • Simple Subtraction: Calculate change for purchases under 100¢
  • Comparison: Determine which amount is greater or lesser
  • Problem Solving: Solve simple word problems involving money
  • Unit Understanding: Know that 100¢ = $1.00

These skills provide the foundation for more complex money problems in Year 2, including working with larger amounts and multiple-step problems.